North Dakota Code 45-10.2-56 – (602) Effect of dissociation as limited partner
1. Upon the dissociation of a person as a limited partner:
Terms Used In North Dakota Code 45-10.2-56
- 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.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
a. Subject to section 45-10.2-65, the person does not have further rights as a limited partner; b. The obligation of a person for good faith and fair dealing as a limited partner under subsection 2 of section 45-10.2-35 continues only as to matters arising and events occurring before the dissociation; and
c. Subject to section 45-10.2-65 and sections 45-10.2-94 through 45-10.2-106, any transferable interest owned by the person in the capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee.
2. The dissociation of a person as a limited partner 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.