{"data":{"id":"us-nm/54-1a-801","jurisdiction":"us-nm","citation":"54-1A-801","heading":"Events causing dissolution and winding up of partnership business.","body":"A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events:\n(1) in a partnership at will, the partnership's having notice from a partner, other than a partner who is dissociated under Section 601(2) through (10) [54-1A-601(2) through (10) NMSA 1978], of that partner's express will to withdraw as a partner or on a later date specified by the partner;\n(2) in a partnership for a definite term or particular undertaking:\n(i) the expiration of ninety days after a partner's dissociation by death or otherwise under Section 601(6) through (10) or wrongful dissociation under Section 602(b) [54-1A-602(b) NMSA 1978], unless before that time a majority in interest of the remaining partners, including partners who have rightfully dissociated pursuant to Section 601(b)(i) [54-1A-601(b)(i) NMSA 1978], agree to continue the partnership;\n(ii) the express will of all of the partners to wind up the partnership business; or\n(iii) the expiration of the term or the completion of the undertaking;\n(3) an event agreed to in the partnership agreement resulting in the winding up of the partnership business;\n(4) an event that makes it unlawful for all or substantially all of the business of the partnership to be continued, but a cure of illegality within ninety days after notice to the partnership of the event is effective retroactively to the date of the event for purposes of this section;\n(5) on application by a partner, a judicial determination that:\n(i) the economic purpose of the partnership is likely to be unreasonably frustrated;\n(ii) another partner has engaged in conduct relating to the partnership business which makes it not reasonably practicable to carry on the business in partnership with that partner; or\n(iii) it is not otherwise reasonably practicable to carry on the partnership business in conformity with the partnership agreement; or\n(6) on application by a transferee of a partner's transferable interest, a judicial determination that it is equitable to wind up the partnership business:\n(i) after the expiration of the term or completion of the undertaking, if the partnership was for a definite term or particular undertaking at the time of the transfer or entry of the charging order that gave rise to the transfer; or\n(ii) at any time, if the partnership was a partnership at will at the time of the transfer or entry of the charging order that gave rise to the transfer.","path":["Chapter 54 - Partnerships","ARTICLE 1A Uniform Partnerships"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18557/index.do","current_through":"2022-05-12","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"c19e1ac0d628d05606f988a7ede3da83adb3beeea40808c77fb9473842a5b90f","source_id":"us-nm","stale":false,"prev":"us-nm/54-1a-705","next":"us-nm/54-1a-802"},"notice":"GroundRules: Original legal text. Not legal advice."}