Section 362.1-602 - Partner's power to dissociate - Wrongful dissociation(1) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to KRS 362.1-601(1).(2) A partner's dissociation is wrongful only if any of the following apply:(a) It is in breach of an express provision of the partnership agreement; or(b) In the case of a partnership for a definite term or particular undertaking, before the expiration of the term or the completion of the undertaking if any of the following apply: 1. The partner withdraws by express will, unless the withdrawal follows within ninety (90) days after another partner's dissociation by death or otherwise under KRS 362.1-601(6) to (10) or wrongful dissociation under this subsection;2. The partner is expelled by judicial determination under KRS 362.1-601(5);3. The partner is dissociated by becoming a debtor in bankruptcy; or4. In the case of a partner who is not an individual, trust other than a business trust, or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.(3) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.Effective:7/12/2006
Created 2006, Ky. Acts ch. 149, sec. 47, effective7/12/2006.