CHAPTER 3. ACCOUNTING BY SURVIVING PARTNERS

IC 23-4-3
    Chapter 3. Accounting by Surviving Partners

IC 23-4-3-1
Settling and closing affairs
    Sec. 1. In case of the death of one (1) partner, the survivingpartner or partners shall proceed to settle and close up, as speedily asmay be practicable, the partnership affairs, in accordance with thelaw in force and the provisions of this chapter.
(Formerly: Acts 1877, c.86, s.1.) As amended by P.L.34-1987,SEC.320.

IC 23-4-3-2
Inventory and appraisal
    Sec. 2. Such surviving partner or partners, within sixty (60) daysafter such death, shall proceed to make a full, true, and completeinventory of the estate, goods, chattels, rights, credits, moneys, andeffects within the knowledge of the partner or partners, and shallcause the same to be appraised by:
        (1) one (1) disinterested freeholder of the county; and
        (2) one (1) disinterested appraiser licensed under IC 25-34.1;
who are residents of Indiana, one (1) of whom shall be selected bythe surviving partner or partners and the other by the clerk of thecourt having probate jurisdiction, making a full and completeschedule thereof; which said schedule and appraisement shall besworn to by said appraisers before the clerk of such court, specifyingthat the property described in said schedule is appraised at its truecash value; which schedule shall, by said appraisers, be filed in theoffice of the clerk of the court having probate jurisdiction,immediately after the completion thereof.
(Formerly: Acts 1877, c.86, s.2.) As amended by P.L.113-2006,SEC.17.

IC 23-4-3-3
Affidavit of correctness of inventory; list of liabilities
    Sec. 3. It shall be the duty of such surviving partner or partners,immediately upon the filing of such schedule of appraisement, to filewith the clerk of the court having probate jurisdiction, his or theiraffidavit that the schedule filed by said appraisers contains a full,true and complete list of all property, rights, credits, moneys andeffects belonging to said firm; and, at the same time, shall file a full,true and complete list of all the liabilities of said firm at the time ofthe death of said deceased partner, to which said list of liabilities saidsurviving partner or partners shall also append his or their affidavitstestifying to the correctness thereof.
(Formerly: Acts 1877, c.86, s.3.)

IC 23-4-3-4
Bond
    Sec. 4. Upon the filing of the inventory, appraisement, and list of

liabilities, as in this chapter provided, such surviving partner orpartners shall execute a bond, payable to the state of Indiana, in asum double the amount of the interest of said decedent, as shown bysaid inventory, appraisement, and list of liabilities on file,conditioned for the faithful performance of his or their trust, signedby at least two (2) good and sufficient freehold sureties, to beapproved by the clerk of said court. If such surviving partner orpartners shall fail to file such bond within ten (10) days after thefiling of such inventory and appraisement, the judge of the courthaving probate jurisdiction shall appoint a receiver to take charge ofthe assets of such firm, who shall proceed to settle the same asthough a voluntary assignment of the assets of said firm had beenmade for the benefit of creditors.
(Formerly: Acts 1877, c.86, s.4.) As amended by P.L.34-1987,SEC.321.

IC 23-4-3-5
Appointment of receiver on failure to comply with act
    Sec. 5. If such surviving partner or partners shall fail to file suchinventory, appraisement, and list of liabilities, and bond, as in thischapter provided, or shall fail or refuse to take upon him orthemselves the settlement of the business of such firm, the judge ofthe court having probate jurisdiction, upon petition filed by anyoneinterested in the settlement of such partnership, shall appoint areceiver to settle the affairs of such partnership, who shall proceedto settle the same as though a voluntary assignment for the benefit ofthe creditors had been made by the surviving partner or partners ofsuch firm.
(Formerly: Acts 1877, c.86, s.5.) As amended by P.L.34-1987,SEC.322.

IC 23-4-3-6
Petition to appoint receiver; notice
    Sec. 6. Any person interested in the settlement of such partnershipbusiness may file a petition in the court having probate jurisdictionto have a receiver appointed to settle the same, and shall give thesurviving partner or partners ten (10) days notice of the time andplace of hearing such petition; and if, upon the hearing thereof, thejudge of such court shall be convinced that such partnership businessis not being properly settled, or that the assets of such firm are beingwasted, he shall appoint a receiver to settle the same, as provided inthis chapter.
(Formerly: Acts 1877, c.86, s.6.) As amended by P.L.34-1987,SEC.323.

IC 23-4-3-7
Disposition of surplus
    Sec. 7. Upon the settlement of such partnership business, thesurviving partner or partners shall report the same to the proper courtand pay the surplus belonging to such deceased partner into court, to

be paid out, on the order of the judge, to such person or persons asmay be entitled to the same by law; and such surviving partner orpartners shall settle such partnership business within two (2) yearsfrom the filing of such inventory and appraisement, unless the courtfor good cause shown shall grant a longer time.
(Formerly: Acts 1877, c.86, s.7.)

IC 23-4-3-8
Release of sureties
    Sec. 8. The sureties upon the bond of such surviving partner orpartners may be released as in cases of sureties upon the bond ofexecutors and administrators.
(Formerly: Acts 1877, c.86, s.8.)