Maine Revised Statutes
Subchapter 7: PARTNER'S DISSOCIATION WHEN BUSINESS NOT WOUND UP
31 §1073. Dissociated partner's liability to other persons

§1073. Dissociated partner's liability to other persons
1.  Liability for partnership obligation.  A partner's dissociation does not of 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.  
[PL 2005, c. 543, Pt. A, §2 (NEW).]
2.  Liability to other party.  A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to the other party in a transaction entered into by the partnership, or a surviving partnership under subchapter 9, within 2 years after the partner's dissociation, only if the partner is liable for the obligation under section 1034 and at the time of entering into the transaction the other party:  
A. Reasonably believed that the dissociated partner was then a partner;   [PL 2005, c. 543, Pt. A, §2 (NEW).]
B. Did not have notice of the partner's dissociation; and   [PL 2005, c. 543, Pt. A, §2 (NEW).]
C. Is not deemed to have had notice under section 1074, subsection 2.   [PL 2005, c. 543, Pt. A, §2 (NEW).]
[PL 2005, c. 543, Pt. A, §2 (NEW).]
3.  Released from liability for partnership obligation by agreement.  By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.  
[PL 2005, c. 543, Pt. A, §2 (NEW).]
4.  Released from liability for partnership obligation because of material alteration.  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.  
[PL 2005, c. 543, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 543, §A2 (NEW).

Structure Maine Revised Statutes