- Alaska Statutes.
- Title 32. Partnership
- Chapter 6. Uniform Partnership Act
- Section 703. Dissociated Partner's Liability to Other Persons.
previous: Section 702
. Dissociated Partner's Power to Bind and Liability to Partnership.
next: Section 704
. Statement of Dissociation.
AS 32.06.703. Dissociated Partner's Liability to Other Persons.
- (a) A partner's dissociation does not of itself discharge the partner's liability for a partnership obligation incurred
before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation,
except as otherwise provided in (b) of this section.
- (b) A partner who dissociates without the dissociation resulting in a dissolution and winding up of the partnership
business is liable as a partner to the other party in a transaction entered into by the partnership, or a surviving
partnership under AS 32.06.902
- 32.06.908, within two years after the partner's
dissociation only if the partner is liable for the obligation under AS 32.06.306
and at the time of entering into the transaction the other party
- (1) reasonably believed that the dissociated partner was then a partner;
- (2) did not have notice of the partner's dissociation; and
- (3) is not considered to have had knowledge under AS 32.06.303
(e) or notice under AS 32.06.704
- (c) By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be
released from liability for a partnership obligation.
- (d) A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice
of the partner's dissociation but without the partner's consent, agrees to a material alteration in the nature or time
of payment of a partnership obligation.
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