|
MARVIN MANDEL, Governor
1937
THE BUSINESS IN THE SAME NAME, EITHER BY THEMSELVES OR
JOINTLY WITH OTHERS, MAY DO SO, DURING THE AGREED TERM
FOR THE PARTNERSHIP AND FOR THAT PURPOSE MAY POSSESS THE
PARTNERSHIP PROPERTY, PROVIDED THEY SECURE THE PAYMENT BY
BOND APPROVED BY THE COURT, OR PAY TO ANY PARTNER WHO HAS
CAUSED THE DISSOLUTION WRONGFULLY, THE VALUE OF HIS
INTEREST IN THE PARTNERSHIP AT THE DISSOLUTION, LESS ANY
DAMAGES RECOVERABLE UNDER PARAGRAPH (1) (II) OF THIS
SUBSECTION, AND IN LIKE MANNER INDEMNIFY HIM AGAINST ALL
PRESENT OR FUTURE PARTNERSHIP LIABILITIES.
(3) A PARTNER WHO HAS CAUSED THE DISSOLUTION
WRONGFULLY SHALL HAVE:
(I) IF THE BUSINESS IS NOT CONTINUED UNDER THE
PROVISIONS OF PARAGRAPH (2) OF THIS SUBSECTION, ALL THE
RIGHTS OF A PARTNER UNDER SUBSECTION (A), SUBJECT TO
PARAGRAPH (1) (II), OF THIS SUBSECTION; OR
(II) IF THE BUSINESS IS CONTINUED UNDER PARAGRAPH
(2) OF THIS SUBSECTION, THE RIGHT AS AGAINST HIS
COPARTNERS AND ALL CLAIMING THROUGH THEM IN RESPECT OF
THEIR INTERESTS IN THE PARTNERSHIP, TO HAVE THE VALUE OF
HIS INTEREST IN THE PARTNERSHIP, LESS ANY DAMAGES CAUSED
TO HIS COPARTNERS BY THE DISSOLUTION, ASCERTAINED AND
PAID TO HIM IN CASH, OR THE PAYMENT SECURED BY BOND
APPROVED BY THE COURT, AND TO BE RELEASED FROM ALL
EXISTING LIABILITIES OF THE PARTNERSHIP; BUT IN
ASCERTAINING THE VALUE OF THE PARTNER'S INTEREST THE
VALUE OF THE GOOD-WILL OF THE BUSINESS SHALL NOT BE
CONSIDERED.
REVISOR'S NOTE; This section presently appears as
Art. 73A, §38. Cross—references are
conformed.
The only other changes are technical changes
in punctuation.
9-610. RIGHTS WHERE PARTNERSHIP IS DISSOLVED FOR FRAUD
OR MISREPRESENTATION.
WHERE A PARTNERSHIP CONTRACT IS RESCINDED ON THE
GROUND OF THE FRAUD OR MISREPRESENTATION OF ONE OF THE
PARTIES THERETO, THE PARTY ENTITLED TO RESCIND IS,
WITHOUT PREJUDICE TO ANY OTHER RIGHT, ENTITLED:
(1) TO A LIEN ON, OR RIGHT OR RETENTION OF, THE
SURPLUS OF THE PARTNERSHIP PROPERTY AFTER SATISFYING THE
PARTNERSHIP LIABILITIES TO THIRD PERSONS FOR ANY SUM OF
HONEY PAID BY HIM FOR THE PURCHASE OF AN INTEREST IN THE
PARTNERSHIP AND FOP ANY CAPITAL OR ADVANCES CONTRIBUTED
BY HIM;
|
