Georgia § 14-8-36 - Effect of dissolution of partnership on existing liability of partners.

§ 14-8-36. Effect of dissolution of partnership on existing liability of partners.

The dissolution of the partnership does not of itself discharge the existing liability of any partner. A partner is discharged from any existing liability upon dissolution of the partnership by an agreement to that effect between himself, the partnership creditor, and the person or partnership continuing the business; and such agreement may be inferred from the course of dealing between the creditor having knowledge of the dissolution and the person or partnership continuing the business. Where a person agrees to assume the existing obligations of a dissolved partnership, the partners whose obligations have been assumed shall be discharged from any liability to any creditor of the partnership who knowing of the agreement, and without the consent of the partners whose obligations have been assumed, consents to a material alteration in the nature or time of payment of such obligations. The individual property of a deceased partner shall be liable for those obligations of the partnership incurred while the deceased partner was a partner and for which he or she was liable under Code Section 14-8-15 , but subject to the prior payment of his or her separate debts. (Code 1981, § 14-8-36 , enacted by Ga. L. 1984, p. 1439, § 1; Ga. L. 1995, p. 470, § 6.) Law reviews. - For survey article on business associations, see 34 Mercer L. Rev. 13 (1982).