Maine § 1391. - Nonjudicial dissolution
Full text of Maine Maine Revised Statutes § 1391. — Nonjudicial dissolution, with citation guidance and answers to common questions.
§ 1391.. Nonjudicial dissolution
Except as otherwise provided in section 1392, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following: [PL 2005, c. 543, Pt. C, §2 (NEW).]
1. Event specified in partnership agreement. The happening of an event specified in the partnership agreement;
2. Consent. The consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;
3. Dissociation of general partner. After the dissociation of a person as a general partner:
A. If the limited partnership has at least one remaining general partner, the consent to dissolve the limited partnership given within 90 days after the dissociation by partners owning a majority of the rights to receive distributions as partners at the time the consent is to be effective; or [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. If the limited partnership does not have a remaining general partner, the passage of 90 days after the dissociation, unless before the end of the period:
(2) At least one person is admitted as a general partner in accordance with the consent; [PL 2005, c. 543, Pt. C, §2 (NEW).]
4. Dissociation of last limited partner. The passage of 90 days after the dissociation of the limited partnership's last limited partner, unless before the end of the period the limited partnership admits at least one limited partner; or
5. Declaration of dissolution. The signing and filing of a declaration of dissolution by the Secretary of State under section 1399, subsection 3.
Frequently Asked Questions About Maine § 1391.
What does Maine Revised Statutes § 1391. cover?
Section 1391. ("Nonjudicial dissolution") 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 § 1391.?
A common citation format is "Maine Revised Statutes § 1391." (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 § 1391. 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.