{"data":{"id":"us-ia/iowa-code-488.607","jurisdiction":"us-ia","citation":"Iowa Code § 488.607","heading":"Liability to other persons of person dissociated as general partner.","body":"1. A person’s dissociation as a general partner does not of itself discharge the person’s liability as a general partner for an obligation of the limited partnership incurred before dissociation. Except as otherwise provided in subsections 2 and 3, the person is not liable for a limited partnership’s obligation incurred after dissociation.\n2. A person whose dissociation as a general partner resulted in a dissolution and winding up of the limited partnership’s activities is liable to the same extent as a general partner under section 488.404 on an obligation incurred by the limited partnership under section 488.804.\n3. A person that has dissociated as a general partner but whose dissociation did not result in a dissolution and winding up of the limited partnership’s activities is liable on a transaction entered into by the limited partnership after the dissociation only if all of the following apply:\na. A general partner would be liable on the transaction.\nb. At the time the other party enters into the transaction, all of the following apply:\n(1) Less than two years have passed since the dissociation.\n(2) The other party does not have notice of the dissociation and reasonably believes that the person is a general partner.\n4. By agreement with a creditor of a limited partnership and the limited partnership, a person dissociated as a general partner may be released from liability for an obligation of the limited partnership.\n5. A person dissociated as a general partner is released from liability for an obligation of the limited partnership if the limited partnership’s creditor, with notice of the person’s dissociation as a general partner but without the person’s consent, agrees to a material alteration in the nature or time of payment of the obligation.","path":["Title XII - BUSINESS ENTITIES (Ch. 486 - 504C)","Chapter 488 - UNIFORM LIMITED PARTNERSHIP ACT","Article 6 - DISSOCIATION"],"source_url":"https://www.legis.iowa.gov/docs/code/2026/488.607.pdf","current_through":"Iowa Code 2026 edition","vintage":"","retrieved_at":"2026-09-14T19:40:12Z","sha256":"98c52664e89961ccc14ff8aca05ed0d94d3f94e640743001d7e6df277f9f286f","source_id":"us-ia","stale":false,"prev":"us-ia/iowa-code-488.606","next":"us-ia/iowa-code-488.608"},"notice":"GroundRules: Original legal text. Not legal advice."}