(a) If a partner's dissociation results in a dissolution and winding up of the partnership business, sections 34-372 to 34-378, inclusive, apply; otherwise, sections 34-362 to 34-366, inclusive, apply.
(b) Upon a partner's dissociation:
(1) The partner's right to participate in the management and conduct of the partnership business terminates, except as otherwise provided in section 34-374;
(2) The partner's duty of loyalty under subdivision (3) of subsection (b) of section 34-338 terminates; and
(3) The partner's duty of loyalty under subdivisions (1) and (2) of subsection (b) of section 34-338 and duty of care under subsection (c) of said section 34-338 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 34-374.
(P.A. 95-341, S. 33, 58.)
History: P.A. 95-341 effective July 1, 1997.
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