Section 10A-9A-6.02 - Effect of dissociation as limited partner(a) Upon a person's dissociation as a limited partner: (1) subject to Section 10A-9A-7.04, the person does not have further rights as a limited partner;(2) the person's implied contractual covenant of good faith and fair dealing as a limited partner under Section 10A-9A-3.05(b) continues only as to matters arising and events occurring before the dissociation; and(3) subject to Section 10A-9A-7.04, and Article 10 of this chapter and Article 8 of Chapter 1, any transferable interest owned by the person in the person's capacity as a limited partner immediately before dissociation is owned by the person immediately after dissociation as a mere transferee.(b) A person's dissociation as a limited partner does not of itself discharge the person from any duty, debt, obligation, or liability to the limited partnership or the other partners that the person incurred while a limited partner.Ala. Code § 10A-9A-6.02 (1975)
Added by Act 2016-379,§ 1, eff. 1/1/2017.