Ch. 654

1997 LAWS OF MARYLAND

(G) THE PAYMENT OR TENDER OF A WRITTEN OFFER REQUIRED BY
SUBSECTION (E) OR (F) OF THIS SECTION MUST BE ACCOMPANIED BY THE
FOLLOWING:

(1)     A STATEMENT OF PARTNERSHIP ASSETS AND LIABILITIES AS OF THE
DATE OF DISSOCIATION;

(2)     THE LATEST AVAILABLE PARTNERSHIP BALANCE SHEET AND
INCOME STATEMENT, IF ANY;

(3)     AN EXPLANATION OF HOW THE ESTIMATED AMOUNT OF THE
PAYMENT WAS CALCULATED; AND

(4)      WRITTEN NOTICE THAT UNLESS THE DISSOCIATED PARTNER
COMMENCES AN ACTION TO DETERMINE THE BUYOUT PRICE, ANY OFFSETS UNDER
SUBSECTION (C) OF THIS SECTION, OR OTHER TERMS OF THE OBLIGATION TO
PURCHASE WITHIN 120 DAYS AFTER THE WRITTEN NOTICE, THE PAYMENT IS IN
FULL SATISFACTION OF THE OBLIGATION TO PURCHASE.

(H) A PARTNER WHO WRONGFULLY DISSOCIATES BEFORE THE EXPIRATION
OF A DEFINITE TERM OR THE COMPLETION OF A PARTICULAR UNDERTAKING IS
NOT ENTITLED TO PAYMENT OF ANY PORTION OF THE BUYOUT PRICE UNTIL THE
EXPIRATION OF THE TERM OR COMPLETION OF THE UNDERTAKING, UNLESS THE
PARTNER ESTABLISHES TO THE SATISFACTION OF THE COURT THAT EARLIER
PAYMENT WILL NOT CAUSE UNDUE HARDSHIP TO THE BUSINESS OF THE
PARTNERSHIP. A DEFERRED PAYMENT SHALL BEAR INTEREST

(I) A DISSOCIATED PARTNER MAY MAINTAIN AN ACTION AGAINST THE
PARTNERSHIP, PURSUANT TO § 9-405(B)(2)(II) OF THIS TITLE, TO DETERMINE THE
BUYOUT PRICE OF THAT PARTNER'S INTEREST, ANY OFFSETS UNDER SUBSECTION
(C) OF THIS SECTION, OR OTHER TERMS OF THE OBLIGATION TO PURCHASE. THE
ACTION MUST BE COMMENCED WITHIN 120 DAYS AFTER THE PARTNERSHIP HAS
TENDERED PAYMENT OR A WRITTEN OFFER OR WITHIN 1 YEAR AFTER WRITTEN
DEMAND FOR PAYMENT IF NO PAYMENT OR WRITTEN OFFER IS TENDERED. THE
COURT SHALL DETERMINE THE BUYOUT PRICE OF THE DISSOCIATED PARTNER'S
INTEREST, ANY OFFSET DUE UNDER SUBSECTION (C) OF THIS SECTION, AND
ACCRUED INTEREST, AND ENTER JUDGMENT FOR ANY ADDITIONAL PAYMENT OR
REFUND. IF DEFERRED PAYMENT IS AUTHORIZED UNDER SUBSECTION (H) OF THIS
SECTION, THE COURT SHALL ALSO DETERMINE THE TERMS OF THE OBLIGATION TO
PURCHASE THE COURT MAY ASSESS REASONABLE ATTORNEY'S FEES AND THE FEES
AND EXPENSES OF APPRAISERS OR OTHER EXPERTS FOR A PARTY TO THE ACTION,
IN AMOUNTS THE COURT FINDS EQUITABLE, AGAINST A PARTY THAT THE COURT
FINDS ACTED ARBITRARILY, VEXATIOUSLY, OR NOT IN GOOD FAITH. THE FINDING
MAY BE BASED ON THE PARTNERSHIP'S FAILURE TO TENDER PAYMENT OR A
WRITTEN OFFER OR TO COMPLY WITH SUBSECTION (G) OF THIS SECTION.

9-702. DISSOCIATED PARTNER'S POWER TO BIND AND LIABILITY TO PARTNERSHIP.

(A) FOR 2 YEARS AFTER A PARTNER DISSOCIATES WITHOUT RESULTING IN A
DISSOLUTION AND WINDING UP OF THE PARTNERSHIP BUSINESS, THE
PARTNERSHIP, INCLUDING A SURVIVING PARTNERSHIP UNDER SUBTITLE 9 OF THIS

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