1. (1) A partner's dissociation does not, by itself, discharge the partner's liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (2).

2. (2) A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to any other party to a transaction entered into by the partnership, or a surviving partnership under ss. 620.8901-620.8908, within 1 year after the partner's dissociation only if, at the time of entering into the transaction, the other party:

   1. (a) Reasonably believed that the dissociated partner was then a partner;
   2. (b) Did not have notice of the partner's dissociation; and
   3. (c) Is not deemed to have had knowledge under ¹s. 620.8301(5) or notice under s. 620.8704(4).
3. (3) By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.

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

   ¹Note.--Section 620.8301(5) does not exist.

History.--s. 13, ch. 95-242.