2006 Minnesota Statutes

323A.0702 DISSOCIATED PARTNER'S POWER TO BIND AND LIABILITY TO
PARTNERSHIP.
(a) For two years after a partner dissociates without resulting in a dissolution and winding up
of the partnership business, the partnership, including a surviving partnership under article 9, is
bound by an act of the dissociated partner which would have bound the partnership under section
323A.0301 before dissociation only if at the time of entering into the transaction the other party:
(1) reasonably believed that the dissociated partner was then a partner;
(2) did not have notice of the partner's dissociation; and
(3) is not deemed to have had knowledge under section 323A.0303(e) or notice under section
323A.0704(c).
(b) A dissociated partner is liable to the partnership for any damage caused to the partnership
arising from an obligation incurred by the dissociated partner after dissociation for which the
partnership is liable under subsection (a).
History: 1997 c 174 art 7 s 34

NOTE:This chapter was formerly codified as sections 323A.1-01 to 323A.12-03. See Minnesota Statutes 2002. The chapter was recodified in 2004 as sections 323A.0101 to 323A.1203. The recodification is arranged in the same sequence as the original codification.