Legislation

Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 53
Assignment of partner's interest
Partnership (PTR) CHAPTER 39, ARTICLE 5
§ 53. Assignment of partner's interest. 1. A conveyance 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 assignee 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.