Current through 2024 Legislative Session Act Chapter 531
Section 15-602 - Partner's power to dissociate; wrongful dissociation(a) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will pursuant to Section 15-601(1).(b) A partner's dissociation is wrongful only if any of the following apply: (1) it is in breach of an express provision of the partnership agreement; or(2) 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: (i) the partner withdraws by express will, unless the withdrawal follows within 90 days after another partner's dissociation by death or otherwise under Section 15-601(6) through (12) or wrongful dissociation under this subsection;(ii) the partner is expelled by judicial determination under Section 15-601(5);(iii) the partner is dissociated under Section 15-601(6); or(iv) in the case of a partner who is not an individual, trust (other than a statutory trust), or estate, the partner is expelled or otherwise dissociated because it willfully dissolved or terminated.(c) A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. Such liability is in addition to any other obligation of the partner to the partnership or to the other partners. 72 Del. Laws, c. 151, § 1; 73 Del. Laws, c. 329, § 13.;