clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e

PLEASE NOTE: The searchable text below was computer generated and may contain typographical errors. Numerical typos are particularly troubling. Click “View pdf” to see the original document.

  Maryland State Archives | Index | Help | Search
search for:
clear space
white space
The Annotated Code of the Public General Laws of Maryland, 1918
Volume 374, Page 547   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space
ART. LXXIIIA] PARTNERSHIP. 547
itors on individual property, saving the rights of lien or secured cred-
itors as heretofore.
(i) Where a partner has become bankrupt or his estate is insolvent
the claims against his separate property shall rank in the following
order:
L. Those owing to separate creditors,
II. Those owing to partnership creditors,
III. Those owing to partners by way of contribution.
1916. ch. 175. sec. 41.
41. (LIABILITY OF PERSONS CONTINUING TUB BUSINESS JN CER-
TAIN CASES.) (1) When any new partner is admitted into an existing
partnership, or when any partner retires and assigns (or the representa-
tive of the deceased partner assigns) his rights in partnership property
to two or more of the partners, or to one or more of the partner's and
one or more third persons, if the business is continued without liquida-
tion of the partnership affairs, creditors of the first or dissolved part-
nership are also creditors of the partnership so continuing the business.
(2) When all but one partner retire and assign (or the representa-
tive of a deceased partner assigns) their rights in partnership property
to the remaining partner, who continues the business without liquidation
of partnership affairs, either alone or with others, creditors of the dis-
solved partnership are also creditors of the person or partnership so con-
tinuing the business.
(3) When any partner retires or dies and the business of the dissolved
partnership is continued as set forth in paragraphs (1) and (2) of this
section, with the consent of the retired partners or the representative
of the deceased partner, but without any assignment of his right in part-
nership property, rights of creditors of the dissolved partnership and of
the creditors of the person or partnership continuing the business shall
be as if such assignment had been made.
(4) When all the partners or their representatives assign their rights
in partnership property to one or more third persons who promise to
pay the debts and who continue the business of the dissolved partner-
ship, creditors of the dissolved partnership are also creditors of the
person or partnership continuing the business.
(5) When any partner wrongfully causes a dissolution and the
remaining partners continue the business under the provisions of sec-
tion 38 (2b), either alone or with others, and without liquidation of
the partnership affairs, creditors of the dissolved partnership are also
creditors of the person or partnership continuing the business.
(6) When a partner is expelled and the remaining partners continue
the business either alone or with others, without liquidation of the part-
nership affairs, creditors of the dissolved partnership are also creditors
of the person or partnership continuing the business.


 
clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
The Annotated Code of the Public General Laws of Maryland, 1918
Volume 374, Page 547   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  August 16, 2024
Maryland State Archives