Michigan Laws 449.33 – Dissolution; effect as to authority of partner
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(General effect of dissolution on authority of partner). Except so far as may be necessary to wind up partnership affairs or to complete transactions begun but not then finished, dissolution terminates all authority of any partner to act for the partnership:
(1) With respect to the partners:
Terms Used In Michigan Laws 449.33
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
(a) When the dissolution is not by the act, bankruptcy or death of a partner, or
(b) When the dissolution is by such act, bankruptcy or death of a partner, in cases where section 34 so requires;
(2) With respect to persons not partners, as declared in section 35.