Effect of dissociation as limited partner.

1. Upon a person’s dissociation as a limited partner, all of the following apply: a. Subject to section 488.704 , the person does not have further rights as a limited partner. b. The person’s obligation of good faith and fair dealing as a limited partner under section 488.305, subsection 2 , continues only as to matters arising and events occurring before the dissociation. c. Subject to section 488.704 and article 11 , any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person as a mere transferee. 2. A person’s dissociation as a limited partner does not of itself discharge the person from any obligation to the limited partnership or the other partners which the person incurred while a limited partner. 2004 Acts, ch 1021, §53, 118 Referred to in §488.1204