Okla. Stat. tit. 54, § 54-1-601
This is the official text of Okla. Stat. tit. 54, § 54-1-601, part of Oklahoma’s Stat. tit. 54, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 54,." Browse the sections below, each linked to its official government source.
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Events Causing Partner's Dissociation
Official statutory text
Events Causing Partner's Dissociation. A partner is dissociated
from a partnership upon the occurrence of any of the following
events:
(1) the partnership's having notice of the partner's express
will to withdraw as a partner or on a later date specified by the
partner;
(2) an event agreed to in the partnership agreement as causing
the partner's dissociation;
Oklahoma Statutes - Title 54. Partnership Page 31
(3) the partner's expulsion pursuant to the partnership
agreement;
(4) the partner's expulsion by the unanimous vote of the other
partners if:
(i) it is unlawful to carry on the partnership business
with that partner;
(ii) there has been a transfer of all or substantially all
of that partner's transferable interest in the
partnership, other than a transfer for security
purposes, or a court order charging the partner's
interest, which has not been foreclosed;
(iii) within ninety (90) days after the partnership notifies
a corporate partner that it will be expelled because
it has filed a certificate of dissolution or the
equivalent, its charter has been revoked, or its right
to conduct business has been suspended by the
jurisdiction of its incorporation, there is no
revocation of the certificate of dissolution or no
reinstatement of its charter or its right to conduct
business; or
(iv) a partnership that is a partner has been dissolved and
its business is being wound up;
(5) on application by the partnership or another partner, the
partner's expulsion by judicial determination because:
(i) the partner engaged in wrongful conduct that adversely
and materially affected the partnership business;
(ii) the partner willfully or persistently committed a
material breach of the partnership agreement or of a
duty owed to the partnership or the other partners
under Section 25 of this act; or
(iii) the partner engaged in conduct relating to the
partnership business which makes it not reasonably
practicable to carry on the business in partnership
with the partner;
(6) the partner's:
(i) becoming a debtor in bankruptcy;
(ii) executing an assignment for the benefit of creditors;
(iii) seeking, consenting to, or acquiescing in the
appointment of a trustee, receiver, or liquidator of
that partner or of all or substantially all of that
partner's property; or
(iv) failing, within ninety (90) days after the
appointment, to have vacated or stayed the appointment
of a trustee, receiver, or liquidator of the partner
or of all or substantially all of the partner's
property obtained without the partner's consent or
acquiescence, or failing within ninety (90) days after
Oklahoma Statutes - Title 54. Partnership Page 32
the expiration of a stay to have the appointment
vacated;
(7) in the case of a partner who is an individual:
(i) the partner's death;
(ii) the appointment of a guardian or general conservator
for the partner; or
(iii) a judicial determination that the partner has
otherwise become incapable of performing the partner's
duties under the partnership agreement;
(8) in the case of a partner that is a trust or is acting as a
partner by virtue of being a trustee of a trust, distribution of the
trust's entire transferable interest in the partnership, but not
merely by reason of the substitution of a successor trustee;
(9) in the case of a partner that is an estate or is acting as
a partner by virtue of being a personal representative of an estate,
distribution of the estate's entire transferable interest in the
partnership, but not merely by reason of the substitution of a
successor personal representative; or
(10) termination of a partner who is not an individual,
partnership, corporation, trust, or estate.
from a partnership upon the occurrence of any of the following
events:
(1) the partnership's having notice of the partner's express
will to withdraw as a partner or on a later date specified by the
partner;
(2) an event agreed to in the partnership agreement as causing
the partner's dissociation;
Oklahoma Statutes - Title 54. Partnership Page 31
(3) the partner's expulsion pursuant to the partnership
agreement;
(4) the partner's expulsion by the unanimous vote of the other
partners if:
(i) it is unlawful to carry on the partnership business
with that partner;
(ii) there has been a transfer of all or substantially all
of that partner's transferable interest in the
partnership, other than a transfer for security
purposes, or a court order charging the partner's
interest, which has not been foreclosed;
(iii) within ninety (90) days after the partnership notifies
a corporate partner that it will be expelled because
it has filed a certificate of dissolution or the
equivalent, its charter has been revoked, or its right
to conduct business has been suspended by the
jurisdiction of its incorporation, there is no
revocation of the certificate of dissolution or no
reinstatement of its charter or its right to conduct
business; or
(iv) a partnership that is a partner has been dissolved and
its business is being wound up;
(5) on application by the partnership or another partner, the
partner's expulsion by judicial determination because:
(i) the partner engaged in wrongful conduct that adversely
and materially affected the partnership business;
(ii) the partner willfully or persistently committed a
material breach of the partnership agreement or of a
duty owed to the partnership or the other partners
under Section 25 of this act; or
(iii) the partner engaged in conduct relating to the
partnership business which makes it not reasonably
practicable to carry on the business in partnership
with the partner;
(6) the partner's:
(i) becoming a debtor in bankruptcy;
(ii) executing an assignment for the benefit of creditors;
(iii) seeking, consenting to, or acquiescing in the
appointment of a trustee, receiver, or liquidator of
that partner or of all or substantially all of that
partner's property; or
(iv) failing, within ninety (90) days after the
appointment, to have vacated or stayed the appointment
of a trustee, receiver, or liquidator of the partner
or of all or substantially all of the partner's
property obtained without the partner's consent or
acquiescence, or failing within ninety (90) days after
Oklahoma Statutes - Title 54. Partnership Page 32
the expiration of a stay to have the appointment
vacated;
(7) in the case of a partner who is an individual:
(i) the partner's death;
(ii) the appointment of a guardian or general conservator
for the partner; or
(iii) a judicial determination that the partner has
otherwise become incapable of performing the partner's
duties under the partnership agreement;
(8) in the case of a partner that is a trust or is acting as a
partner by virtue of being a trustee of a trust, distribution of the
trust's entire transferable interest in the partnership, but not
merely by reason of the substitution of a successor trustee;
(9) in the case of a partner that is an estate or is acting as
a partner by virtue of being a personal representative of an estate,
distribution of the estate's entire transferable interest in the
partnership, but not merely by reason of the substitution of a
successor personal representative; or
(10) termination of a partner who is not an individual,
partnership, corporation, trust, or estate.
Status: in_force · Read it on the official government site
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