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Session Laws, 1916
Volume 534, Page 324   View pdf image (33K)
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324 LAWS OF MARYLAND. [CH. 175

II. Those owing to partners other than for capital and
profits,

III. Those owing to partners in respect of capital,

IV. Those owing to partners in respect of profits.

(c) The assets shall be applied in the order of their decla-
ration in clause (a) of this paragraph to the satisfaction of the
liabilities.

(d) The partners shall contribute, as provided by section
18 (a) the amount necessary to satisfy the liabilities; but if
any, but not all, of the partners are insolvent, or, not being
subject to process, refuse to contribute, the other partners shall
contribute their share of the liabilities, and, in the relative
proportions in which they share the profits, the additional
amount necessary to pay the liabilities.

(e) An assignee for the benefit of creditors or any person
appointed by the court shall have the right to enforce the con-
tributions specified in clause (d) of this paragraph.

(f) Any partner or his legal representative shall have the
right to enforce the contributions specified to clause (d) of
this paragraph, to the extent of the amount which he has paid
in excess of his share of the liability.

(g) The individual property of a deceased partner shall be
liable for the contribution specified in clause (d) of this para-
graph.

(h) When partnership property and the individual prop-
erties of the partners are in the possession of a court for dis-
tribution, partnership creditors shall have priority on partner-
ship property and separate creditors on individual property,
saving the rights of lien or secured creditors 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:

I. Those owing to separate creditors,

IL Those owing to partnership creditors,

III. Those owing to partners by way of contribution.

SEC. 41. (Liability of Persons Continuing the Business in
Certain Cases. ) (1) When any new partner is admitted into
an existing partnership, or when any partner retires and as-
signs (or the representative of the deceased partner assigns)
his rights in partnership property to two or more of the part-
ners, or to one or more of the partners and one or more third
persons, if the business is continued without liquidation of the

 

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Session Laws, 1916
Volume 534, Page 324   View pdf image (33K)
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