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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 2329   View pdf image (33K)
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PARTNERSHIP. 2329

(3) Nothing in this article shall be held to deprive a partner of his
right, if any, under the exemption laws, as regards his interest in the
partnership.

PAET VI.
Dissolution and Winding Up.

An. Code, sec. 29. 1916, ch. 175, sec. 29.

29. (DISSOLUTION DEFINED.) The dissolution of a partnership is
the change in the relation of the partners caused by any partner ceasing
to be associated in the carrying on as distinguished from the winding up
of the business.

An. Code, sec. 30. 1916, ch. 175, sec. 30.

30. (PARTNERSHIP NOT TERMINATED BY DISSOLUTION.) On dis-
solution the partnership is not terminated, but continues until the wind-
ing up of partnership affairs is completed.

An. Code, sec. 31. 1916, ch. 175, sec. 31.

31. (CAUSES OF DISSOLUTION.) Dissolution is caused: (1) Without
violation of the agreement between the partners,

(a) By the termination of the definite term or particular undertaking
specified in the agreement,

(b) By the express will of any partner when no definite term or par-
ticular undertaking is specified,

(c) By the express will of all the partners who have not assigned their
interests or suffered them to be charged for their separate debts, either be-
fore or after the termination of any specified term or particular under-
taking,

(d) By the expulsion of any partner from the business bona fide in ac-
cordance with such a power conferred by the agreement between the part-
ners;

(2) In contravention of the agreement between the partners, where the
circumstances do not permit a dissolution under any other provision of
this section, by the express will of any partner at any time;

(3) By any event which makes it unlawful for the business of the part-
nership to be carried on or for the members to carry it on in partnership;

(4) By the death of any partner;

(5) By the bankruptcy of any partner or the partnership;

(6) By decree of court under section 32.

While ordinarily a partnership is dissolved by death of a partner, partners may by
their contract provide otherwise. See notes to sec. 7. Gerding v. Baier, 143 Md. 524.

An. Code, sec. 32. 1916, ch. 175, sec. 32.

32. (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,

 

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The Annotated Code of the Public General Laws of Maryland, 1924
Volume 375, Page 2329   View pdf image (33K)
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