Obtain release of liability
I am currently in a real estate joint venture and am selling my ownership interest in the JV to another partner, the trustee. I have three questions:
(1) Does the fact that I will no longer be a partner in the JV extinguish my liability in the JV?
(2) What written documentation should I obtain to assure that I have been fully released from any and all liabilities related to this JV?
(3) Is an assumption of liability and indemnification document signed by the purchaser (the trustee) sufficient, or must I obtain a release signed by all partners (which may be difficult)? Should I provide a partnership withdrawal notice to all partners?
Thanks for your help.