(1) The dissolution of the partnership does not of itself discharge the existing liability of any partner.
A partner is discharged from any existing liability upon dissolution of the partnershipby an agreement to that effect between such partner, the partnership creditor, and the person or partnership continuing the business; and such agreement may be inferred from the course of dealing between the creditor having knowledge of the dissolution and the person or partnership continuing the business.
Where a person agrees to assume the existing obligations of a dissolved partnership,the partners whose obligations have been assumed shall be discharged from any liability to any creditor of the partnership who, knowing of the agreement, consents to a material alteration in the nature or time of payment of the creditor's obligations.
The individual property of a deceased person who was a partner shall be liable, to theextent the deceased person was or would have been liable under section 7-60-115, 7-60-118, or 7-60-134, for all obligations of the partnership incurred while the deceased person was a partner but subject to the prior payment of the deceased person's separate debts.
Source: L. 31: p. 666, § 36. CSA: C. 123, § 36. CRS 53: § 104-1-36. C.R.S. 1963: § 104-1-36. L. 95: (4) amended, p. 780, § 7, effective May 24. L. 2004: (2), (3), and (4) amended, p. 1428, § 91, effective July 1.