Okla. Stat. tit. 54, § 54-1-703

This is the official text of Okla. Stat. tit. 54, § 54-1-703, 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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Dissociated Partner's Liability to Other Persons

Official statutory text

Dissociated Partner's Liability to Other Persons. (a) A

partner's dissociation does not of itself discharge the partner's

liability for a partnership obligation incurred before dissociation.

A dissociated partner is not liable for a partnership obligation

incurred after dissociation, except as otherwise provided in

subsection (b) of this section.

(b) A partner who dissociates without resulting in a

dissolution and winding up of the partnership business is liable as

a partner to the other party in a transaction entered into by the

Oklahoma Statutes - Title 54. Partnership Page 36

partnership, or a surviving partnership under Article 9 of this act,

within two (2) years after the partner's dissociation, only if the

partner is liable for the obligation under Section 18 of this act

and at the time of entering into the transaction the other party:

(1) reasonably believed that the dissociated partner was then a

partner;

(2) did not have notice of the partner's dissociation; and

(3) is not deemed to have had knowledge under subsection (e) of

Section 15 of this act or notice under subsection (c) of Section 38

of this act.

(c) By agreement with the partnership creditor and the partners

continuing the business, a dissociated partner may be released from

liability for a partnership obligation.

(d) A dissociated partner is released from liability for a

partnership obligation if a partnership creditor, with notice of the

partner's dissociation but without the partner's consent, agrees to

a material alteration in the nature or time of payment of a

partnership obligation.

Status: in_force · Read it on the official government site

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