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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Article 8 applies; otherwise, Article 7 applies.
(b) Upon a partner's dissociation:
(1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 803;
(2) the partner's duty of loyalty under Section 404(b)(3) terminates; and
(3) the partner's duty of loyalty under Section 404(b)(1) and (2) and duty of care under Section 404(c) 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 803.
Cite this article: FindLaw.com - New Mexico Statutes Chapter 54. Partnerships § 54-1A-603. Effect of partner's dissociation - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-54-partnerships/nm-st-sect-54-1a-603/
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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