Page:United States Statutes at Large Volume 47 Part 1.djvu/1298

 1274 Termination of part- T ERMIN ATION OF PARTNERSHIP nership. Duration. SEC . 1113 . DURATION OF PARTNERSHIP .-If no term is prescribed by agreement for its duration, a ge ne ral partnership continues until dissolved by a partner Or by Operation Of law. CROSS REFERENCES Post,p. 1278. Dissolution of special partnership, see sectio n 1145. Post, p.1275. Liquidation of partnership, see sections 1119 et seq. Ante, p. 1271. Renunciation of partnership by partner, see sections 1098 and 1099. Total dissolution. SEC. 1114 . TOTAL DISSOLUTION OF PARTNERSHIP .-A ge ner al part- nership is dissolved as to all the partners- 1. By lapse of the time prescribed by agreement for its duration ; 2 . By the expressed will Of any partner, if there is no such agree- ment ; 3. By the death of a partner ; 4. By the transfer to a person, not a partner, of the interest Of any partner in the partnership property ; 5. By w ar, Or the proh ibiti on Of comm ercia l int ercou rse b etwee n the country in which One partner resides and that in which another resi des ; Or 6. By a judg ment of di ssolu tion. CROSS REe 'ExENOES Poe4 .p.1275. Pa rtner 's po wer a fter disso lutio n of firm° see secti ons 1119 et seq. Ante, p. 1271. Renunciation of partnership by partner, see sections 1098 • and 1099 . Pose, p. 1278. Special partnership, dissoluti on of, see section 1 1 45. Ptrtlai- SEC: 1115 . PARTIAL DISSOLUTION.--A ge ne ral partnership may be diss olved , as to -h imsel f Onl y, by the expre ssed will Of any par tner, notwithstanding his agree ment for its co ntinu ance, subj ect. h oweve r, to l iabil ity to his copa rtner s for any damag e cau sed to the m the reby, unless the circu ms tances are su ch as entitle him to a judgment of dissolution. titled when pa rtn er en- SEC. 1116. PARTNER ENTITLED T O DI SSOLU TION .-A gener al pa rtni„ r is entitled to a judgment of dissolution- 1 . When he, or an other part ner, becom es le gally inca pable of contracting ; 2. When another partner fails to perform his duties under the agreement Of partnership or is guilty Of serious misconduct 3. Whe n the busi ness of the partnership can be ca rr ied On only at a p erman ent loss. CrossREFERENCE Ante, p.1271. Di ssolu tion on re nunci ation of partnership by copartner, see section 1099. Notice of termina- tion. Post, p. 1278 . 72d CONGRESS. SESS. II. CH . 128. FEB RUARY 27, 1933 . SEC. 1117 . NOTI CE OF TERMIN ATION .-The liability Of a general partner for the ac ts Of his copartners continues, even after a dissolu- ti on Of the copartnership, in favor Of per so ns who have had dealings wi th and giv en credit to the partnership during its ex ist en ce, until they have had personal notice of the dissolution ; and in favor Of other persons until such dissolution has be en advertised in a news- paper printed in English and of general circulation in the Canal Zone, to the extent in either case to which such persons part with value in good faith, and in the belief that such partner is still a member Of the firm. CROSS REFERENCE C ompar e sec tion 1145.
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