(1) The dissolution of the partnership does not of itself discharge the existing liability
of any partner.
(2) A partner is discharged from any existing liability upon dissolution of the partnership
by an agreement to that effect between such partner, the partnership creditor, and
the person or partnership continuing the business; and such agreement may be inferred
from the course of dealing between the creditor having knowledge of the dissolution
and the person or partnership continuing the business.
(3) Where a person agrees to assume the existing obligations of a dissolved partnership,
the partners whose obligations have been assumed shall be discharged from any liability
to any creditor of the partnership who, knowing of the agreement, consents to a material
alteration in the nature or time of payment of the creditor's obligations.
(4) The individual property of a deceased person who was a partner shall be liable,
to the extent the deceased person was or would have been liable under section 7-60-115, 7-60-118, or 7-60-134, for all obligations of the partnership incurred while the deceased person was a
partner but subject to the prior payment of the deceased person's separate debts.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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