Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-8A-7.02.htm |
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Depth: | 0 singles |
Size: | 1,529 bytes |
Modified: | 2018-11-13 09:40:50 |
Categories: | -None- |
Title: | 10A-8A-7.02 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-8A-7.02 Power to bind and liability of person dissociated as a partner. (a) For one year after a person dissociates as a partner without resulting in a dissolution and winding up of the partnership business or not for profit activity, the partnership, including a surviving partnership or other surviving entity under Article 9 of this chapter and Article 8 of Chapter 1, is bound by an act of the person dissociated as a partner which would have bound the partnership under Section 10A-8A-3.01 before dissociation only if at the time of entering into the transaction the other party: (1) reasonably believed that the person dissociated as a partner was then a partner and reasonably relied on such belief in entering into the transaction; (2) did not have notice of the person's dissociation as a partner; and (3) is not deemed to have had knowledge or notice under Section 10A-8A-1.03. (b) A person dissociated as a partner is liable to the partnership for any damage caused to the partnership arising from an obligation incurred by the person dissociated as a partner after dissociation for which the partnership is liable under subsection (a). (Act 2018-125, ยง7.) |