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Current as of January 01, 2024 | Updated by FindLaw Staff
1. If a partner's dissociation results in a dissolution and winding up of the partnership business, chapter 45-20 applies, otherwise, chapter 45-19 applies.
2. Upon a partner's dissociation:
a. The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 45-20-03;
b. The partner's duty of loyalty under subdivision c of subsection 2 of section 45-16-04 terminates; and
c. The partner's duty of loyalty under subdivisions a and b of subsection 2 of section 45-16-04 and duty of care under subsection 3 of section 45-16-04 continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to section 45-20-03.
Cite this article: FindLaw.com - North Dakota Century Code Title 45. Partnerships § 45-18-03. Effect of partner's dissociation - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-45-partnerships/nd-cent-code-sect-45-18-03/
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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