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Session Laws, 1916
Volume 534, Page 317   View pdf image (33K)
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EMERSON C. HARRINGTON, GOVERNOR. 317

(a) A partner, subject to the provisions of this act and to
any agreement between the partners, has an equal right with
his partners to possess specific partnership property for part-
nership purposes; but he has no right to possess such property
for any other purpose without the consent of. his partners.

(b) A partner's right in specific partnership property is
not assignable except in connection with the assignment of the
rights of all the partners in the same property.

(c) A partner's right in specific partnership property is
not subject to attachment or execution, except on a claim
against the partnership. When partnership property is at-
tached for a partnership debt the partners, or any of them, or
the representative of a deceased partner, cannot claim any right
under the homestead or exemption laws.

(d) On the death of a partner his right in specific partner-
ship property vests in the surviving partner or partners, ex-
cept where the deceased was the last surviving partner, when
his right in such property vests in his legal representative.
Such surviving partner or partners, or the legal representative
of the last surviving partner, has no right to possess the part-
nership property for any but a partnership purpose.

(e) A partner's right in specific partnership property is
not subject to dower, curtesy, or allowances to widows, heirs,
or next of kin.

SEC. 26. (Nature of Partner's Interest in the Partner-
ship. ) A partner's interest in the partnership is his share of
the profits and surplus, and the same is personal property.

SEC. 27. (Assignment of Partner's Interest. ) (1) A con-
veyance by a partner of his interest in the partnership does not
of itself dissolve the partnership, nor, as against the other
partners in the absence of agreement, entitle the assignee,
during the continuance of the partnership, to interfere in the
management or administration of the partnership business or
affairs, or to require any information or account of partnership
transactions, or to inspect the partnership books; but it merely
entitles the assignee to receive in accordance with his contract
the profits to which the assigning partner would otherwise be
entitled.

(2) In case of a dissolution of the partnership, the as-
signee is entitled to receive his assignor's interest and may
require an account from the date only of the last account
agreed to by all the partners.

 

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Session Laws, 1916
Volume 534, Page 317   View pdf image (33K)
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