Montana Code 35-10-617. Partner’s wrongful dissociation
35-10-617. Partner’s wrongful dissociation. (1) A partner’s dissociation is wrongful only if:
Terms Used In Montana Code 35-10-617
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
- Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204
(a)it is in breach of an express provision of the partnership agreement; or
(b)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:
(i)the partner withdraws by express will, unless the withdrawal follows the dissociation of another partner and results in a right to dissolve the partnership under 35-10-624(2)(a);
(ii)the partner is expelled by judicial decree under 35-10-616(5); or
(iii)a partner, who is not an individual, a trust other than a business trust, or an estate, is expelled or otherwise dissociated because the entity willfully dissolved or terminated.
(2)A partner who wrongfully dissociates is liable to the partnership and to the other partners for damages caused by the dissociation. That liability is in addition to any other liability of the partner to the partnership or to the other partners.