Maine § 1374. - Person's power to dissociate as general partner; wrongful dissociation
Full text of Maine Maine Revised Statutes § 1374. — Person's power to dissociate as general partner; wrongful dissociation, with citation guidance and answers to common questions.
§ 1374.. Person's power to dissociate as general partner; wrongful dissociation
1. Dissociate by express will. A person has the power to dissociate as a general partner at any time, rightfully or wrongfully, by express will pursuant to section 1373, subsection 1.
2. Wrongful dissociation. A person's dissociation as a general partner is wrongful only if:
A. It is in breach of an express provision of the partnership agreement; or [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. It occurs before the termination of the limited partnership and:
(2) The person is expelled as a general partner by judicial determination under section 1373, subsection 5;
(3) The person is dissociated as a general partner by becoming a debtor in bankruptcy; or
(4) In the case of a person that is not an individual, trust other than a business trust, or estate, the person is expelled or otherwise dissociated as a general partner because it willfully dissolved or terminated. [PL 2005, c. 543, Pt. C, §2 (NEW).]
3. Liability when dissociation wrongful. A person that wrongfully dissociates as a general partner is liable to the limited partnership and, subject to section 1421, to the other partners for damages caused by the dissociation. The liability is in addition to any other obligation of the general partner to the limited partnership or to the other partners.
Source: official Maine text · Last verified 2026-08-27
Frequently Asked Questions About Maine § 1374.
What does Maine Revised Statutes § 1374. cover?
Section 1374. ("Person's power to dissociate as general partner; wrongful dissociation") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1374.?
A common citation format is "Maine Revised Statutes § 1374." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1374. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.