35-10-406. Continuation of partnership beyond definite term or particular undertaking. (1) If a partnership for a definite term or particular undertaking is continued without an express agreement after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.
(2) If the partners or those of them who habitually acted in the business during the term or undertaking continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the business will not be wound up.
History: En. Sec. 23, Ch. 251, L. 1947; R.C.M. 1947, 63-306; amd. Sec. 31, Ch. 238, L. 1993.
Structure Montana Code Annotated
Title 35. Corporations, Partnerships, and Associations
Chapter 10. Partnerships in General
Part 4. Relation of Partners to Partnership and to One Another
35-10-401. Partner's rights and duties
35-10-402. Partner's right to information
35-10-403. Duty of partners to render information
35-10-405. General standards of partner's conduct
35-10-406. Continuation of partnership beyond definite term or particular undertaking
35-10-407. Distributions in kind