Guam § 25608 - Effect of Dissolution on Partner's Existing Liability.

§ 25608. Effect of Dissolution on Partner's Existing Liability.

(1) The dissolution of the partnership does not of itself discharge the

existing liability of any partner.

(2) 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.

(3) 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, consents to a material alteration in the nature or

time of payment of such obligations.

(4) The individual property of a deceased partner shall be liable for all

obligations of the partnership incurred while he was a partner but subject to

the prior payment of his separate debts including those debts for which he is

liable under § 25307(c) herein