California Corporations Code

§ 16702

CORP § 16702 Effective Jan 1, 1997Title 2 · Ch. 5 · Art. 7

Statute text

(a)For two years after a partner dissociates, the partnership, including a surviving partnership under Article 9 (commencing with Section 16901), is bound by an act of the dissociated partner that would have bound the partnership under Section 16301 before dissociation only if at the time of entering into the transaction all of the following apply to the other party:

(1)The other party reasonably believed that the dissociated partner was then a partner.

(2)The other party did not have notice of the partner’s dissociation.

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Legislative history

Added by Stats. 1996, Ch. 1003, Sec. 2. Effective January 1, 1997.