§ 17-21-601 — Events causing partner's dissociation

Wyoming § 17-21-601

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 21: UNIFORM PARTNERSHIP ACT
• Art. 6: PARTNER'S DISSOCIATION

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(a) A partner is dissociated from a partnership upon:
(i) Receipt by the partnership of notice of the
partner's express will to withdraw as a partner or upon any
later date specified in the notice;
(ii) An event agreed to in the partnership agreement
as causing the partner's dissociation;
(iii) The partner's expulsion pursuant to the
partnership agreement;
(iv) The partner's expulsion by the unanimous vote of
the other partners if:
(A) It is unlawful to carry on the partnership
business with that partner;
(B) There has been a transfer of all or
substantially all of that partner's transferable interest in the
partnership, other than a transfer for security purposes or a
court order charging the partner's interest which has not been
foreclosed;
(C) Within ninety (90) days after the
partnership notifies a corporate partner that it will be
expelled because it has filed a certificate of dissolution or
the equivalent, its charter has been revoked or its right to
conduct business has been suspended by the jurisdiction of its
incorporation, there is no revocation of the certificate of
dissolution or no reinstatement of its charter or its right to
conduct business; or
(D) A partnership that is a partner has been
dissolved and its business is being wound up.
(v) On application by the partnership or another
partner, the partner's expulsion by judicial decree because:
(A) The partner engaged in wrongful conduct that
adversely and materially affected the partnership business;
(B) The partner willfully or persistently
committed a material breach of the partnership agreement or of a
duty owed to the partnership or the other partners under W.S.
17-21-404; or
(C) The partner engaged in conduct relating to
the partnership business which makes it not reasonably
practicable to carry on the business in partnership with that
partner.
(vi) The partner's:
(A) Becoming a debtor in bankruptcy;
(B) Executing an assignment for the benefit of
creditors;
(C) Seeking, consenting to or acquiescing in the
appointment of a trustee, receiver or liquidator of that partner
or of all or substantially all of that partner's property; or
(D) Failing within ninety (90) days after the
appointment, to have vacated or stayed the appointment of a
trustee, receiver or liquidator of the partner or of all or
substantially all of the partner's property obtained without the
partner's consent or acquiescence, or failing within ninety (90)
days after the expiration of a stay to have the appointment
vacated.
(vii) In the case of a partner who is an individual:
(A) The partner's death;
(B) The appointment of a guardian or general
conservator for the partner; or
(C) A judicial determination that the partner
has otherwise become incapable of performing the partner's
duties under the partnership agreement.
(viii) In the case of a partner that is a trust or is
acting as a partner by virtue of being a trustee of a trust,
distribution of the trust's entire transferable interest in the
partnership, but not merely the substitution of a successor
trustee;
(ix) In the case of a partner that is an estate or is
acting as a partner by virtue of being a personal representative
of an estate, distribution of the estate's entire transferable
interest in the partnership, but not merely the substitution of
a successor personal representative; or
(x) Termination of a partner who is not an
individual, partnership, corporation, trust or estate.