T·R
← Search

18 GCA § 25604

Dissolution by Decree of Court

Guam Code AnnotatedTitle 18 — Business Structure and Function
View official PDF ↗

(1)On application by or for a partner the court shall decree a dissolution whenever:

(a)A partner has been declared a lunatic in any judicial proceeding or is shown to be of unsound mind;

(b)A partner becomes in any other way incapable of performing his part in the partnership contract;

(c)A partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business;

(d)A partner willfully or persistently commits a breach of the partnership agreement, or otherwise so conducts himself in matters relating to the partnership business that it is not reasonably practicable to carry out the business in partnership with him;

(e)The business of the partnership can be carried on only at a loss.

(f)Other circumstances render a dissolution equitable.

(2)On the application of a purchaser of a partner's interest under '§ 25504 and 25505 of this Chapter: COL070307 CH. 25 PARTNERSHIPS IN GENERAL

(a)After the termination of the specified term or particular undertaking;

(b)At any time if the partnership was a partnership at will when the interest was assigned or when the charging order was issued.

Reconstructed from the Guam Code Annotated. For the authoritative version, see the official PDF.