Sec. 32. (1) On application by or for a partner, the court shall decree a dissolution whenever:
(a) A partner has been declared mentally incompetent in any judicial proceeding.
(b) A partner becomes in any other way incapable of performing the partner's part of the partnership contract.
(c) A partner has been guilty of conduct that tends to affect prejudicially the carrying on of the business.
(d) A partner willfully or persistently commits a breach of the partnership agreement, or otherwise acts in matters relating to the partnership business so that it is not reasonably practicable to carry on the business in partnership with that partner.
(e) The business of the partnership can only be carried on at a loss.
(f) Other circumstances render a dissolution equitable.
(2) On the application of the purchaser of a partner's interest under sections 27 or 28 of this chapter:
(a) After the termination of the specified term or particular undertaking.
(b) At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.
Formerly: Acts 1949, c.114, s.32. As amended by P.L.34-1987, SEC.300; P.L.33-1989, SEC.21.
Structure Indiana Code
Title 23. Business and Other Associations
Chapter 1. Uniform Partnership Act
23-4-1-3. Interpretation of Knowledge and Notice
23-4-1-4. Rules of Construction
23-4-1-5. Rules for Cases Not Provided for in Chapter
23-4-1-7. Rules for Determining Existence of Partnership
23-4-1-8. Partnership Property
23-4-1-10. Conveyance of Real Property of Partnership
23-4-1-11. Partnership Bound by Admission of Partner
23-4-1-12. Partnership Charged With Knowledge of or Notice to Partner
23-4-1-13. Partnership Bound by Partner's Wrongful Act
23-4-1-14. Partnership Bound by Partner's Breach of Trust
23-4-1-15. Nature of Partner Liability; Partnerships; Limited Liability Partnerships
23-4-1-16. Partner by Estoppel
23-4-1-17. Liability of Incoming Partner
23-4-1-18. Rules Determining Rights and Duties of Partners
23-4-1-20. Duty of Partners to Render Information
23-4-1-21. Partner Accountable as Fiduciary
23-4-1-23. Continuation of Partnership Beyond Fixed Term
23-4-1-24. Extent of Property Rights of Partner
23-4-1-25. Nature of Partner's Right in Specific Partnership Property
23-4-1-26. Nature of Partner's Interest in Partnership
23-4-1-27. Assignment of Partner's Interest
23-4-1-28. Partner's Interest Subject to Charging Order
23-4-1-29. Dissolution Defined
23-4-1-30. Partnership Not Terminated by Dissolution
23-4-1-31. Causes of Dissolution
23-4-1-32. Dissolution by Decree of Court
23-4-1-33. General Effect of Dissolution on Authority of Partner
23-4-1-34. Right of Partner to Contribution From Copartners After Dissolution
23-4-1-35. Power of Partner to Bind Partnership to Third Person After Dissolution
23-4-1-36. Effect of Dissolution on Partner's Existing Liability
23-4-1-38. Rights of Partners to Application of Partnership Property
23-4-1-39. Rights Where Partnership Is Dissolved for Fraud or Misrepresentation
23-4-1-40. Rules for Distribution
23-4-1-41. Liability of Persons Continuing Business in Certain Cases
23-4-1-42. Rights of Retiring or Estate of Deceased Partner When Business Is Continued
23-4-1-44. Limited Liability Partnerships; Legislative Intent and Policy
23-4-1-45. Limited Liability Partnerships; Registration; Notice
23-4-1-45.1. Limited Liability Partnerships; Amendment of Registration
23-4-1-45.2. Limited Liability Partnerships; Withdrawal of Registration; Filing Fee