Partnerships

ORS 67.230
Effect of partner’s dissociation


(1)

If a partner’s dissociation results in a dissolution and winding up of the partnership business, ORS 67.290 (Events causing dissolution and winding up of partnership business) to 67.315 (Settlement of accounts and contributions among partners) apply. If a partner’s dissociation does not result in dissolution and winding up of the partnership business, ORS 67.250 (Purchase of dissociated partner’s interest) to 67.265 (Continued use of partnership name) apply.

(2)

Upon a partner’s dissociation:

(a)

The partner’s right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in ORS 67.300 (Right to wind up partnership business);

(b)

The partner’s duty of loyalty under ORS 67.155 (General standards of partner’s conduct) (2)(c) terminates; and

(c)

The partner’s duty of loyalty under ORS 67.155 (General standards of partner’s conduct) (2)(a) and (b) and duty of care under ORS 67.155 (General standards of partner’s conduct) (3) 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 ORS 67.300 (Right to wind up partnership business). [1997 c.775 §29]

Source

Last accessed
Jun. 26, 2021