The Florida Senate

620.8703  Dissociated partner's liability to other persons.--

(1)  A partner's dissociation does not, by itself, discharge the partner's liability for a partnership obligation incurred before dissociation. A dissociated partner is not liable for a partnership obligation incurred after dissociation, except as otherwise provided in subsection (2).

(2)  A partner who dissociates without resulting in a dissolution and winding up of the partnership business is liable as a partner to any other party to a transaction entered into by the partnership, or a surviving partnership under ¹ss. 620.8901-620.8908, within 1 year after the partner's dissociation only if the partner is liable for the obligation under s. 620.8306 and, at the time of entering into the transaction, the other party:

(a)  Reasonably believed that the dissociated partner was then a partner;

(b)  Did not have notice of the partner's dissociation; and

(c)  Is not deemed to have had knowledge under s. 620.8303(4) or notice under s. 620.8704(4).

(3)  By agreement with the partnership creditor and the partners continuing the business, a dissociated partner may be released from liability for a partnership obligation.

(4)  A dissociated partner is released from liability for a partnership obligation if a partnership creditor, with notice of the partner's dissociation but without the partner's consent, agrees to a material alteration in the nature or time of payment of a partnership obligation.

History.--s. 13, ch. 95-242; s. 13, ch. 99-285.

¹Note.--Repealed by s. 25, ch. 2005-267.