(a) Except as otherwise provided in subsection (b) of this section, a person dissociated as a partner is not liable for a partnership obligation incurred after dissociation. (b) A person that is dissociated as a partner is liable on a transaction entered into by the partnership after the dissociation only if: (1) A partner would be liable on the transaction; and (2) At the time the other party enters into the transaction: (i) Less than two (2) years has passed since the dissociation; and (ii) The other party does not have knowledge or notice of the dissociation and reasonably believes that the person is a partner. (c) By agreement with a creditor of a partnership and the partnership, a person dissociated as a partner may be released from liability for a debt, obligation, or other liability of the partnership. (d) A person dissociated as a partner is released from liability for a debt, obligation, or other liability of the partnership if the partnership’s creditor, with knowledge or notice of the person’s dissociation but without the person’s consent, agrees to a material alteration in the nature or time of payment of the debt, obligation, or other liability.
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