Fact Pattern 30-1B (Questions B10-B13 apply)
Bryn,Cornell,and Duke are general partners in Equity Lending,a consumer credit,mortgage,and investment firm.Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 30-1B.Bryn's dissociation from the firm results in

Question

Quizplus · Accepted Answer

Bryn's dissociation from the firm does not automatically terminate the partnership's legal existence, nor does it result in the immediate maturity of all partnership debts. The partnership agreement likely provides a procedure for the buyout of a dissociating partner's interest, which would require the remaining partners to purchase Bryn's interest in the firm. This would likely be done either through negotiation or through a court-ordered valuation process. The partnership agreement's prohibition on the assignment of a partner's interest to a creditor without the consent of the other partners would also likely prevent Bryn from purchasing her interest in the partnership from the firm.

Fact Pattern 30-1B (Questions B10-B13 Apply)