Kentucky Statutes 362.2-602 – Effect of dissociation as limited partner
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Upon a person‘s dissociation as a limited partner:
(1) Subject to KRS § 362.2-704, the person does not have further rights as a limited partner;
(2) The person’s obligation of good faith and fair dealing as a limited partner under KRS § 362.2-305(2) continues only as to matters arising and events occurring before the dissociation;
(3) Subject to KRS § 362.2-704 and KRS § 362.2-951 to 362.2-963, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee; and
(4) The dissociation does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 139, effective July 12, 2006.
(1) Subject to KRS § 362.2-704, the person does not have further rights as a limited partner;
Terms Used In Kentucky Statutes 362.2-602
- Limited partner: means :
(a) With respect to a limited partnership, a person that:
1. See Kentucky Statutes 362.2-102 - Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partner: means a limited partner or general partner. See Kentucky Statutes 362.2-102
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Kentucky Statutes 362.2-102
- Transferable interest: means the partner's right to receive distributions. See Kentucky Statutes 362.2-102
- Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Kentucky Statutes 362.2-102
(2) The person’s obligation of good faith and fair dealing as a limited partner under KRS § 362.2-305(2) continues only as to matters arising and events occurring before the dissociation;
(3) Subject to KRS § 362.2-704 and KRS § 362.2-951 to 362.2-963, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee; and
(4) The dissociation does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner.
Effective: July 12, 2006
History: Created 2006 Ky. Acts ch. 149, sec. 139, effective July 12, 2006.