LD 1609
pg. 23
Page 22 of 146 PUBLIC Law Chapter 543 Page 24 of 146
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LR 1469
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4.__Exemptions apply.__This chapter does not deprive a partner
of a right under exemption laws with respect to the partner's
interest in the partnership.

 
5.__Exclusive remedy for judgment creditor.__This section
provides the exclusive remedy by which a judgment creditor of a
partner or partner's transferee may satisfy a judgment out of the
judgment debtor's transferable interest in the partnership.

 
SUBCHAPTER 6

 
PARTNER'S DISSOCIATION

 
§1061.__Events causing partner's dissociation

 
A partner is dissociated from a partnership upon the
occurrence of any of the following events:

 
1.__Notice of express will to withdraw.__The partnership's
having notice of the partner's express will to withdraw as a
partner or on a later date specified by the partner;

 
2.__Agreed event.__An event agreed to in the partnership
agreement as causing the partner's dissociation;

 
3.__Expulsion pursuant to agreement.__The partner's expulsion
pursuant to the partnership agreement;

 
4.__Expulsion by unanimous vote.__The partner's expulsion by
the unanimous vote of the other partners if:

 
A.__It is unlawful to carry on the partnership business with
that partner;

 
B.__There has been a transfer of all or substantially all of
that partner's transferable interest in the partnership,
other than a transfer for security purposes, or a court
order charging the partner's interest, that has not been
foreclosed;

 
C.__Within 90 days after the partnership notifies a partner
who is a limited liability company or corporation that it
will be expelled because it has filed a certificate of
dissolution or the equivalent or that it has been judicially
or administratively dissolved, the applicable certificate of
dissolution or its equivalent has not been revoked or it has
not been administratively reinstated;

 
D.__Within 90 days after the partnership notifies a partner who
is a limited liability company or corporation that it


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