Sec. 602.
A general partner may withdraw from a limited partnership at any time by giving written notice to the other partners, but if the withdrawal violates the partnership agreement, the limited partnership may recover from the withdrawing general partner damages for breach of the partnership agreement and offset the damages against the amount otherwise distributable to the withdrawing general partner.
History: 1982, Act 213, Eff. Jan. 1, 1983
Structure Michigan Compiled Laws
Act 213 of 1982 - Michigan Revised Uniform Limited Partnership Act (449.1101 - 449.2108)
Article 6 - (449.1601...449.1608)
Section 449.1603 - Right of Limited Partner to Withdraw.
Section 449.1605 - Distribution in Cash or in Kind.
Section 449.1606 - Status and Remedies of Partner as Creditor With Respect to Distribution.
Section 449.1607 - Distribution; Limitation.
Section 449.1608 - Limited Partner; Liability Following Return of Contribution.