Nebraska Statutes 67-433. Effect of partner’s dissociation
(1) If a partner’s dissociation results in a dissolution and winding up of the partnership business, sections 67-439 to 67-445 apply; otherwise, sections 67-434 to 67-438 apply.
Terms Used In Nebraska Statutes 67-433
- 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.
(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 section 67-441 ;
(b) The partner’s duty of loyalty under subdivision (2)(c) of section 67-424 terminates; and
(c) The partner’s duty of loyalty under subdivisions (2)(a) and (2)(b) of section 67-424 and duty of care under subsection (3) of section 67-424 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 section 67-441.