359.351. Distribution upon withdrawal, when, how determined. — Except as provided in sections 359.321 to 359.391, upon withdrawal any withdrawing partner is entitled to receive the distribution, if any, to which such partner is entitled under the partnership agreement. If the partnership agreement does not provide for a distribution to which a withdrawn partner is entitled, the withdrawn partner shall be an assignee of the withdrawn partner's interest but the partnership may thereafter purchase the withdrawn partner's interest in the partnership, for the fair value of the withdrawn partner's interest in the partnership as of the date of withdrawal based upon such withdrawn partner's right to share in distributions from the partnership as an ongoing business, at any time, upon thirty days' written notice from the partnership to the withdrawn partner, such withdrawn partner's personal representatives, successors or assigns.
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(L. 1985 H.B. 512 & 650, A.L. 1997 H.B. 655 merged with S.B. 170)
Effective 6-24-97 (H.B. 655); 5-20-97 (S.B. 170)
---- end of effective 24 Jun 1997 ----
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