Current through 2024 Legislative Session Act Chapter 531
Section 15-603 - Effect of partner's dissociation(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, Subchapter VIII applies; otherwise, Subchapter VII applies.(b) Upon a partner's dissociation: (1) the partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in Section 15-803;(2) the partner's duty of loyalty under Section 15-404(b)(3) terminates; and(3) the partner's duty of loyalty under Section 15-404(b)(1) and (2) and duty of care under Section 15-404(c) continue only with regard to matters arising and events occurring before the partner's dissociation, unless the partner participates in winding up the partnership's business pursuant to Section 15-803. 72 Del. Laws, c. 151, § 1.;