Section 32.06.602. Partner's power to dissociate; wrongful dissociation.

   (a) A partner has the power to dissociate at any time, rightfully or wrongfully, by express will under AS 32.06.601(1).
   (b) A partner's dissociation is wrongful only if
        (1) the dissociation breaches 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,
             (A) the partner withdraws by express will, unless the withdrawal follows within 90 days after another partner's dissociation by death or otherwise under AS 32.06.601(6) - (10) or wrongful dissociation under this subsection;
             (B) the partner is expelled by judicial determination under AS 32.06.601(5);
             (C) the partner is dissociated by becoming a debtor in bankruptcy; or
             (D) in the case of a partner who is not an individual, a trust other than a business trust, or an estate, the partner is expelled or otherwise dissociated because it wilfully 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. The liability is in addition to any other obligation of the partner to the partnership or to the other partners.

Authorities

32.06.701;32.06.801;32.06.960

Notes

References

AS 32.06.701 Purchase of dissociated partner's interest.
AS 32.06.801 Events causing dissolution and winding up of partnership business.
AS 32.06.960 Effect of partnership agreement; nonwaivable provisions.

History

(Sec. 6 ch 115 SLA 2000)