Partner retirement: modes of withdrawal and continuing liability persist until public notice is given. A partner may retire by unanimous consent, by express agreement among partners, or by written notice if the firm is at will. A retiring partner can be discharged from third-party liability by agreement with the reconstituted firm or through a course of dealing after notice; notwithstanding retirement, both the retired and continuing partners remain liable for acts that would have bound the firm until public notice of retirement is given, and such notice may be given by the retired partner or by any partner of the reconstituted firm.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Partner retirement: modes of withdrawal and continuing liability persist until public notice is given.
A partner may retire by unanimous consent, by express agreement among partners, or by written notice if the firm is at will. A retiring partner can be discharged from third-party liability by agreement with the reconstituted firm or through a course of dealing after notice; notwithstanding retirement, both the retired and continuing partners remain liable for acts that would have bound the firm until public notice of retirement is given, and such notice may be given by the retired partner or by any partner of the reconstituted firm.
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