Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-8A-8.04.htm |
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Depth: | 0 singles |
Size: | 1,538 bytes |
Modified: | 2018-11-13 09:44:40 |
Categories: | -None- |
Title: | 10A-8A-8.04 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-8A-8.04 Power to bind partnership after dissolution. (a) After dissolution, a partnership is bound by the act of a partner or by the act of a dissociated partner acting as a partner under Section 10A-8A-8.03(a) which: (1) is appropriate for winding up the partnership's business or not for profit activity; or (2) would have bound the partnership under Section 10A-8A-3.01 before dissolution, if, at the time the other party enters into the transaction, the other party does not have notice of the dissolution. (b) Subject to subsection (a), a person dissociated as a partner binds a partnership through an act occurring after dissolution only if: (1) at the time the other party enters into the transaction the other party does not have notice of the dissociation and reasonably believes that the person is a partner; and (2) the act: (A) is appropriate for winding up the partnership's business or not for profit activity; or (B) would have bound the partnership under Section 10A-8A-3.01 before dissolution and at the time the other party enters into the transaction the other party does not have notice of the dissolution. (Act 2018-125, ยง7.) |