Md. Code Ann., Corps. & Ass'ns § 9A-603
Effect of partner's dissociation
Effective Jul 1, 1998Added as Corporations and Associations § 9-603 by Acts 1997, c. 654, § 2, eff. July 1, 1998. Renumbered as Corporations and Associations § 9A-603 by Acts 1998, c. 743, § 1, eff. June 1, 1998.State of Maryland
- (a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Subtitle 8 of this title applies; otherwise, Subtitle 7 of this title 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 § 9A-803 of this title;
- (2) The partner's duty of loyalty under § 9A-404(b)(3) of this title terminates; and
- (3) The partner's duty of loyalty under § 9A-404(b)(1) and (2) of this title and duty of care under § 9A-404(c) of this title 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 § 9A-803 of this title.
Added as Corporations and Associations § 9-603 by Acts 1997, c. 654, § 2, eff. July 1, 1998. Renumbered as Corporations and Associations § 9A-603 by Acts 1998, c. 743, § 1, eff. June 1, 1998.