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Idaho Statutes Title 30. Corporations § 30-23-703. Liability of person dissociated as partner to other persons

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as otherwise provided in subsection (b) of this section, a person dissociated as a partner is not liable for a partnership obligation incurred after dissociation.

(b) A person that is dissociated as a partner is liable on a transaction entered into by the partnership after the dissociation only if:

(1) The partner would be liable on the transaction; and

(2) At the time the other party enters into the transaction:

(A) Less than two (2) years has passed since the dissociation; and

(B) The other party does not have knowledge or notice of the dissociation and reasonably believes that the person is a partner.

(c) By agreement with a creditor of a partnership and the partnership, a person dissociated as a partner may be released from liability for a debt, obligation, or other liability of the partnership.

(d) A person dissociated as a partner is released from liability for a debt, obligation, or other liability of the partnership if the partnership's creditor, with knowledge or notice of the person's dissociation but without the person's consent, agrees to a material alteration in the nature or time of payment of the debt, obligation or other liability.

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Cite this article: FindLaw.com - Idaho Statutes Title 30. Corporations § 30-23-703. Liability of person dissociated as partner to other persons - last updated January 01, 2024 | https://codes.findlaw.com/id/title-30-corporations/id-st-sect-30-23-703/

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