362.2 -604 Person's power to dissociate as general partner -- Wrongful dissociation. (1) A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to KRS 362.2 -603(1). (2) A person's dissociation as a general partner is wrongful only if: (a) It is in breach of an express prov ision of the partnership agreement; or (b) It occurs before the termination of the limited partnership and: 1. The person withdraws as a general partner by express will; 2. The person is expelled as a general partner by judicial determination under KRS 362 .2-603(5); 3. The person is dissociated as a general partner by becoming a debtor in bankruptcy; or 4. In the case of a person that is not an individual, trust other than a business trust, or estate, the person is expelled or otherwise dissociated as a gen eral partner because it willfully dissolved or terminated. (3) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to KRS 362.2 -931, to the other partners for damages caused by the dissociation. nated. (3) A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to KRS 362.2 -931, to the other partners for damages caused by the dissociation. The l iability is in addition to any other obligation of the general partner to the limited partnership or to the other partners. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 141, effective July 12, 2006.
Kentucky Legal Code