Okla. Stat. tit. 54, § 54-500-607A
This is the official text of Okla. Stat. tit. 54, § 54-500-607A, 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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Liability to other persons of person dissociated as
Official statutory text
general partner.
LIABILITY TO OTHER PERSONS OF PERSON DISSOCIATED AS GENERAL
PARTNER.
(a) A person’s dissociation as a general partner does not of
itself discharge the person’s liability as a general partner for an
obligation of the limited partnership incurred before dissociation.
Except as otherwise provided in subsections (b) and (c) of this
section, the person is not liable for a limited partnership’s
obligation incurred after dissociation.
(b) A person whose dissociation as a general partner resulted
in a dissolution and winding up of the limited partnership’s
activities is liable to the same extent as a general partner under
Section 38 of this act on an obligation incurred by the limited
partnership under Section 66 of this act.
(c) A person that has dissociated as a general partner but
whose dissociation did not result in a dissolution and winding up of
the limited partnership’s activities is liable on a transaction
entered into by the limited partnership after the dissociation only
if:
(1) a general partner would be liable on the transaction; and
(2) at the time the other party enters into the transaction:
(A) less than two (2) years has passed since the
dissociation; and
(B) the other party does not have notice of the
dissociation and reasonably believes that the person
is a general partner.
(d) By agreement with a creditor of a limited partnership and
the limited partnership, a person dissociated as a general partner
may be released from liability for an obligation of the limited
partnership.
(e) A person dissociated as a general partner is released from
liability for an obligation of the limited partnership if the
limited partnership’s creditor, with notice of the person’s
dissociation as a general partner but without the person’s consent,
agrees to a material alteration in the nature or time of payment of
the obligation.
LIABILITY TO OTHER PERSONS OF PERSON DISSOCIATED AS GENERAL
PARTNER.
(a) A person’s dissociation as a general partner does not of
itself discharge the person’s liability as a general partner for an
obligation of the limited partnership incurred before dissociation.
Except as otherwise provided in subsections (b) and (c) of this
section, the person is not liable for a limited partnership’s
obligation incurred after dissociation.
(b) A person whose dissociation as a general partner resulted
in a dissolution and winding up of the limited partnership’s
activities is liable to the same extent as a general partner under
Section 38 of this act on an obligation incurred by the limited
partnership under Section 66 of this act.
(c) A person that has dissociated as a general partner but
whose dissociation did not result in a dissolution and winding up of
the limited partnership’s activities is liable on a transaction
entered into by the limited partnership after the dissociation only
if:
(1) a general partner would be liable on the transaction; and
(2) at the time the other party enters into the transaction:
(A) less than two (2) years has passed since the
dissociation; and
(B) the other party does not have notice of the
dissociation and reasonably believes that the person
is a general partner.
(d) By agreement with a creditor of a limited partnership and
the limited partnership, a person dissociated as a general partner
may be released from liability for an obligation of the limited
partnership.
(e) A person dissociated as a general partner is released from
liability for an obligation of the limited partnership if the
limited partnership’s creditor, with notice of the person’s
dissociation as a general partner but without the person’s consent,
agrees to a material alteration in the nature or time of payment of
the obligation.
Status: in_force · Read it on the official government site
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