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Partnership | |
General and Limited Liability Partnerships | |
Section 29 | Dissolution by decree of court. |
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48-1-29 (Repealed 07/01/12). Dissolution by decree of court. (1) On application by or for a partner the court shall decree a dissolution whenever: (a) A partner has been declared a lunatic in any judicial proceeding or is shown to be of unsound mind. (b) A partner becomes in any other way incapable of performing his part of the partnership contract. (c) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business. (d) A partner willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with him. (e) The business of the partnership can only be carried on at a loss. (f) Other circumstances render a dissolution equitable. (2) On the application of the purchaser of a partner's interest under Section 48-1-24 or 48-1-25: (a) After the termination of the specified term or particular undertaking. (b) At any time, if the partnership was a partnership at will, when the interest was assigned or when the charging order was issued.
No Change Since 1953 |
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