Colorado § 7-62-705 - Deceased or incompetent individual partners - dissolved or terminated corporate partners.

§ 7-62-705. Deceased or incompetent individual partners - dissolved or terminated corporate partners.

(1) If a partner who is an individual dies or a court of competent jurisdiction appoints a guardian or general conservator for the partner, the partner's executor, administrator, guardian, conservator, or other legal representative may exercise all of the partner's rights for the purpose of settling the partner's estate or administering the partner's property, including any power the partner had to give an assignee the right to become a limited partner.

(2) If a partner is a corporation, trust, or other entity and is dissolved or terminated, the powers of that partner may be exercised by its legal representative or successor.

Source: L. 81: Entire article added, p. 446, § 1, effective November 1. L. 2004: (1) amended, p. 1446, § 144, effective July 1.

PART 8

DISSOLUTION

Editor's note: For common law fiduciary duty of good faith, sound business judgment, candor, forthrightness, and fairness owed by a general partner to his limited partners in winding up partnership affairs, see Herald Co. v. Bonfils, 315 F.Supp. 497 (D. Colo. 1970), rev'd on other grounds sub nom. Herald Co. v. Seawell, 472 F.2d 1081 (10th Cir. 1972) and Roeschlein v. Watkins, 686 P.2d 1347 (Colo. App. 1984).