(a) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on application of any partner, partner's legal representative or transferee, the district court, for good cause shown, may order judicial supervision of the winding up.
(b) The legal representative of the last surviving partner may wind up a partnership's business.
(c) A person winding up a partnership's business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal or administrative, settle and close the partnership's business, dispose of and transfer the partnership's property, discharge the partnership's liabilities, distribute the assets of the partnership pursuant to Section 807 [54-1A-807 NMSA 1978], settle disputes by mediation or arbitration and perform other necessary acts.
History: Laws 1996, ch. 53, ยง 803.
Structure New Mexico Statutes
Article 1A - Uniform Partnerships
Article 8 - Winding Up Partnership Business.
Section 54-1A-801 - Events causing dissolution and winding up of partnership business.
Section 54-1A-802 - Partnership continues after dissolution.
Section 54-1A-803 - Right to wind up partnership business.
Section 54-1A-804 - Partner's power to bind partnership after dissolution.
Section 54-1A-805 - Statement of dissolution.
Section 54-1A-806 - Partner's liability to other partners after dissolution.
Section 54-1A-807 - Settlement of accounts and contributions among partners.