Effective January 1, 2010, Chapter 1775 is repealed and no longer governs partnerships. 2008 HB332.
As used in this section, "incompetent person" means a person who is so mentally impaired as a result of a mental or physical illness or disability, or mental retardation, or as a result of chronic substance abuse, that the person is incapable of taking proper care of the person's self or property or fails to provide for the person's family or other persons for whom the person is charged by law to provide.
(A) On application by or for a partner the court shall decree a dissolution whenever:
(1) A partner has been declared an incompetent person in any judicial proceeding or is shown to be of unsound mind;
(2) A partner becomes in any other way incapable of performing the partner's part of the partnership contract;
(3) A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business;
(4) A partner willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts the partner's self in matters relating to the partnership business that it is not reasonably practicable to carry on the business in partnership with the partner;
(5) The business of the partnership can only be carried on at a loss;
(6) Other circumstances render a dissolution equitable.
(1) After the termination of the specified term or particular undertaking;
(2) At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.
Effective Date: 10-01-1953; 2007 HB53 08-07-2007; 2008 HB332 01-01-2010