(1) If a person is dissociated as a limited partner, all of the following apply: (a) Subject to s. 179.0704, the person does not have further rights as a limited partner. (b) The person’s contractual obligation of good faith and fair dealing as a limited partner under s. 179.0305 (1) ends with regard to matters arising and events occurring after the person’s dissociation. (c) Subject to s. 179.0704 and subch. XI, any transferable interest owned by the person in the person’s capacity as a limited partner immediately before dissociation is owned by the person solely as a transferee. (2) A person’s dissociation as a limited partner does not of itself discharge the person from any debt, obligation, or other liability to the limited partnership or the other partners which the person incurred while a limited partner.
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