TITLE 30

CORPORATIONS

CHAPTER 24

LIMITED PARTNERSHIPS

PART 6

DISSOCIATION

30-24-602.  EFFECT OF DISSOCIATION AS LIMITED PARTNER. (a)  If a person is dissociated as a limited partner:

(1)  Subject to section 30-24-704, Idaho Code, the person does not have further rights as a limited partner;

(2)  The person’s contractual obligation of good faith and fair dealing as a limited partner under section 30-24-305(a), Idaho Code, ends with regard to matters arising and events occurring after the person’s dissociation; and

(3)  Subject to section 30-24-704, Idaho Code, and chapter 22, title 30, Idaho Code, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person solely as a transferee.

(b)  A person’s dissociation as a limited partner does not of itself discharge the person from any debt, obligation, or other liability to the limited partnership or the other partners that the person incurred while a limited partner.

History:

[30-24-602, added 2015, ch. 243, sec. 38, p. 858.]