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§ 9a-406. Continuation Of Partnership Beyond Definite Term Or Particular Undertaking

(a) Rights and duties. -- If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.

(b) Agreement. -- If the partners, or those of them who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the partnership will continue.

History

1997, ch. 654, § 2; 1998, ch. 743, § 1.

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Local Government
Maryland
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Larry Hogan
Larry Hogan
January 21, 2015 -
Republican
1-410-974-3400
100 State Circle, Annapolis, MD, 21401

Keywords
partnership
partners
term
undertaking
continue
definite
particular
expiration
completion
business