New Mexico Statutes 54-1A-806. Partner’s liability to other partners after dissolution
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(a) Except as otherwise provided in Subsection (b) of this section and Section 54- 1A-306 NMSA 1978, after dissolution a partner is liable to the other partners for the partner’s share of any partnership liability incurred under Section 54-1A-804 N.M. Stat. Ann..
Terms Used In New Mexico Statutes 54-1A-806
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) A partner who, with knowledge of the dissolution, incurs a partnership liability under Section 54-1A-804(2) NMSA 1978 by an act that is not appropriate for winding up the partnership business is liable to the partnership for any damage caused to the partnership arising from the liability.