Effect of partner's dissociation
31 M.R.S. §1063
in effect1063. Effect of partner's dissociation
1. Appreciation of law. If a partner's dissociation results in a dissolution and winding up of the partnership business, subchapter 8 applies; otherwise, subchapter 7 applies.
2. Internal effects of partner's dissociation. 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 1083;
B. The partner's duty of loyalty under section 1044, subsection 2, paragraph C terminates; and
C. The partner's duty of loyalty under section 1044, subsection 2, paragraphs A and B and duty of care under section 1044, subsection 3 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 1083.
PL 2005, c. 543, §A2 (NEW).
Source: Maine Legislature, Office of the Revisor of Statutes (legislature.maine.gov)URL: https://legislature.maine.gov/statutes/31/title31sec1063.htmlFetched: 10/20/2026