1940

LAWS OF MARYLAND

[Ch. 311

(A)   WHEN ANY NEW PARTNER IS ADMITTED INTO AN
EXISTING PARTNERSHIP, OR WHEN ANY PARTNER RETIRES AND
ASSIGNS, OR THE REPRESENTATIVE OF THE DECEASED PARTNER
ASSIGNS, HIS FIGHTS IN PARTNERSHIP PROPERTY TO TWO OR
MORE OF THE PARTNERS, OR TO ONE OR MORE OF THE PARTNERS
AND ONE OR BORE THIRD PERSONS, IF THE BUSINESS IS
CONTINUED WITHOUT LIQUIDATION OF THE PARTNERSHIP AFFAIRS,
CREDITORS OF THE FIRST OR DISSOLVED PARTNERSHIP ARE ALSO
CREDITORS OF THE PARTNERSHIP SO CONTINUING THE BUSINESS.

(B)   WHEN ALL BUT ONE PARTNER RETIRE AND ASSIGN, OR
THE REPRESENTATIVE OF A DECEASED PARTNER ASSIGNS, THEIR
RIGHTS IN PARTNERSHIP PROPERTY TO THE REMAINING PARTNER,
WHO CONTINUES THE BUSINESS WITHOUT LIQUIDATION OF
PARTNERSHIP AFFAIRS, EITHER ALONE OR WITH OTHERS,
CREDITORS OF THE DISSOLVED PARTNERSHIP ARE ALSO CREDITORS
OF THE PERSON OR PARTNERSHIP SO CONTINUING THE BUSINESS.

(C)   WHEN ANY PARTNER RETIRES OR DIES AND THE
BUSINESS OF THE DISSOLVED PARTNERSHIP IS CONTINUED AS SET
FORTH IN SUBSECTIONS (A) AND (B) OF THIS SECTION WITH THE
CONSENT OF THE RETIRED PARTNERS OR THE REPRESENTATIVE OF
THE DECEASED PARTNER, BUT WITHOUT ANY ASSIGNMENT OF HIS
SIGHT IN PARTNERSHIP PROPERTY, RIGHTS OF CREDITORS OF THE
DISSOLVED PARTNERSHIP AND OF THE CREDITORS OF THE PERSON
OR PARTNERSHIP CONTINUING THE BUSINESS SHALL BE AS IF
SUCH ASSIGNMENT HAD BEEN MADE.

(D)    WHEN ALL THE PARTNERS OR THEIR REPRESENTATIVES
ASSIGN THEIR RIGHTS IN PARTNERSHIP PROPERTY TO ONE OR
MORE THIRD PERSONS WHO PROMISE TO PAY THE DEBTS AND WHO
CONTINUE THE BUSINESS OF THE DISSOLVED PARTNERSHIP,
CREDITORS OF THE DISSOLVED PARTNERSHIP ARE ALSO CREDITORS
OF THE PERSON OR PARTNERSHIP CONTINUING THE BUSINESS.

(E)     WHEN ANY PARTNER WRONGFULLY CAUSES A
DISSOLUTION AND THE REMAINING PARTNERS CONTINUE THE
BUSINESS UNDER THE PROVISIONS OF §9-609(B) (2), EITHER
ALONE OR WITH OTHERS, AND WITHOUT LIQUIDATION OF THE
PARTNERSHIP AFFAIRS, CREDITORS OF THE DISSOLVED
PARTNERSHIP ARE ALSO CREDITORS OF THE PERSON OR
PARTNERSHIP CONTINUING THE BUSINESS.

(F)    WHEN A PARTNER IS EXPELLED AND THE REMAINING
PARTNERS CONTINUE THE BUSINESS EITHER ALONE OR WITH
OTHERS, WITHOUT LIQUIDATION OF THE PARTNERSHIP AFFAIRS,
CREDITORS OF THE DISSOLVED PARTNERSHIP ARE ALSO CREDITORS
OF THE PERSON OR PARTNERSHIP CONTINUING THE BUSINESS.

(G)   THE LIABILITY OF A THIRD PERSON BECOMING A
PARTNER IN THE PARTNERSHIP CONTINUING THE BUSINESS, UNDER
THIS SECTION TO THE CREDITORS OF THE DISSOLVED
PARTNERSHIP SHALL BE SATISFIED OUT OF PARTNERSHIP
PROPERTY ONLY.