1. (a) Upon a person's dissociation as a limited partner:

   1. (1) subject to Section 704, the person does not have further rights as a limited partner;
   2. (2) the person's obligation of good faith and fair dealing as a limited partner under Section 305(b) continues only as to matters arising and events occurring before the dissociation; and
   3. (3) subject to Section 704 and Article 11, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
2. (b) A person's dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.

(Source: P.A. 93-967, eff. 1-1-05.)