State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 69

§  69.  Rights  of  partners to application of partnership property 1.  When dissolution is caused in any way, except in  contravention  of  the  partnership  agreement,  each partner, as against his copartners and all  persons claiming through them in  respect  of  their  interests  in  the  partnership,  unless otherwise agreed, may have the partnership property  applied to discharge its liabilities, and the surplus applied to pay  in  cash the net amount owing to the respective partners. But if dissolution  is  caused  by  expulsion  of a partner, bona fide under the partnership  agreement,  and  if  the  expelled  partner  is  discharged   from   all  partnership  liabilities,  either  by payment or agreement under section  sixty-seven, subdivision two, he shall receive  in  cash  only  the  net  amount due him from the partnership.    2.  When  dissolution  is  caused  in contravention of the partnership  agreement the rights of the partners shall be as follows:    (a) Each partner who has not caused dissolution wrongfully shall have,    (I) All the rights specified in subdivision one of this section, and    (II) The right, as against each partner who has caused the dissolution  wrongfully, to damages for breach of the agreement.    (b) The partners who have not caused the  dissolution  wrongfully,  if  they  all  desire  to  continue 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  clause  (II)  of  paragraph   (a)   of  subdivision  two  of  this  section,  and  in  like manner indemnify him  against all present or future partnership liabilities.    (c) A partner who has caused the dissolution wrongfully shall have:    (I) If the business is not continued under the provisions of paragraph  (b) of subdivision two of this section all the rights of a partner under  subdivision (1), subject to clause (II) of paragraph (a) of  subdivision  two, of this section.    (II)  If  the business is continued under paragraph (b) of subdivision  two of this section the right as against his copartners and all claiming  through them in respect of their interest 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.

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 69

§  69.  Rights  of  partners to application of partnership property 1.  When dissolution is caused in any way, except in  contravention  of  the  partnership  agreement,  each partner, as against his copartners and all  persons claiming through them in  respect  of  their  interests  in  the  partnership,  unless otherwise agreed, may have the partnership property  applied to discharge its liabilities, and the surplus applied to pay  in  cash the net amount owing to the respective partners. But if dissolution  is  caused  by  expulsion  of a partner, bona fide under the partnership  agreement,  and  if  the  expelled  partner  is  discharged   from   all  partnership  liabilities,  either  by payment or agreement under section  sixty-seven, subdivision two, he shall receive  in  cash  only  the  net  amount due him from the partnership.    2.  When  dissolution  is  caused  in contravention of the partnership  agreement the rights of the partners shall be as follows:    (a) Each partner who has not caused dissolution wrongfully shall have,    (I) All the rights specified in subdivision one of this section, and    (II) The right, as against each partner who has caused the dissolution  wrongfully, to damages for breach of the agreement.    (b) The partners who have not caused the  dissolution  wrongfully,  if  they  all  desire  to  continue 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  clause  (II)  of  paragraph   (a)   of  subdivision  two  of  this  section,  and  in  like manner indemnify him  against all present or future partnership liabilities.    (c) A partner who has caused the dissolution wrongfully shall have:    (I) If the business is not continued under the provisions of paragraph  (b) of subdivision two of this section all the rights of a partner under  subdivision (1), subject to clause (II) of paragraph (a) of  subdivision  two, of this section.    (II)  If  the business is continued under paragraph (b) of subdivision  two of this section the right as against his copartners and all claiming  through them in respect of their interest 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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 69

§  69.  Rights  of  partners to application of partnership property 1.  When dissolution is caused in any way, except in  contravention  of  the  partnership  agreement,  each partner, as against his copartners and all  persons claiming through them in  respect  of  their  interests  in  the  partnership,  unless otherwise agreed, may have the partnership property  applied to discharge its liabilities, and the surplus applied to pay  in  cash the net amount owing to the respective partners. But if dissolution  is  caused  by  expulsion  of a partner, bona fide under the partnership  agreement,  and  if  the  expelled  partner  is  discharged   from   all  partnership  liabilities,  either  by payment or agreement under section  sixty-seven, subdivision two, he shall receive  in  cash  only  the  net  amount due him from the partnership.    2.  When  dissolution  is  caused  in contravention of the partnership  agreement the rights of the partners shall be as follows:    (a) Each partner who has not caused dissolution wrongfully shall have,    (I) All the rights specified in subdivision one of this section, and    (II) The right, as against each partner who has caused the dissolution  wrongfully, to damages for breach of the agreement.    (b) The partners who have not caused the  dissolution  wrongfully,  if  they  all  desire  to  continue 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  clause  (II)  of  paragraph   (a)   of  subdivision  two  of  this  section,  and  in  like manner indemnify him  against all present or future partnership liabilities.    (c) A partner who has caused the dissolution wrongfully shall have:    (I) If the business is not continued under the provisions of paragraph  (b) of subdivision two of this section all the rights of a partner under  subdivision (1), subject to clause (II) of paragraph (a) of  subdivision  two, of this section.    (II)  If  the business is continued under paragraph (b) of subdivision  two of this section the right as against his copartners and all claiming  through them in respect of their interest 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.

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