State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 73

§  73.  Rights  of  retiring  or  estate  of deceased partner when the  business is continued.   When any  partner  retires  or  dies,  and  the  business  is  continued under any of the conditions set forth in section  seventy-two, subdivisions one, two, three,  five  and  six,  or  section  sixty-nine,  paragraph (b) of subdivision two, without any settlement of  accounts as between him or his estate  and  the  person  or  partnership  continuing  the  business,  unless  otherwise  agreed,  he  or his legal  representative as against such persons or partnership may have the value  of his interest at  the  date  of  dissolution  ascertained,  and  shall  receive  as  an  ordinary  creditor  an amount equal to the value of his  interest in the dissolved partnership with interest, or, at  his  option  or  at  the option of his legal representative, in lieu of interest, the  profits attributable to the use of his right  in  the  property  of  the  dissolved  partnership;  provided  that  the  creditors of the dissolved  partnership as against the separate creditors, or the representative  of  the  retired  or  deceased  partner,  shall  have  priority on any claim  arising  under  this  section,  as  provided  by  section   seventy-two,  subdivision eight of this chapter.

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 73

§  73.  Rights  of  retiring  or  estate  of deceased partner when the  business is continued.   When any  partner  retires  or  dies,  and  the  business  is  continued under any of the conditions set forth in section  seventy-two, subdivisions one, two, three,  five  and  six,  or  section  sixty-nine,  paragraph (b) of subdivision two, without any settlement of  accounts as between him or his estate  and  the  person  or  partnership  continuing  the  business,  unless  otherwise  agreed,  he  or his legal  representative as against such persons or partnership may have the value  of his interest at  the  date  of  dissolution  ascertained,  and  shall  receive  as  an  ordinary  creditor  an amount equal to the value of his  interest in the dissolved partnership with interest, or, at  his  option  or  at  the option of his legal representative, in lieu of interest, the  profits attributable to the use of his right  in  the  property  of  the  dissolved  partnership;  provided  that  the  creditors of the dissolved  partnership as against the separate creditors, or the representative  of  the  retired  or  deceased  partner,  shall  have  priority on any claim  arising  under  this  section,  as  provided  by  section   seventy-two,  subdivision eight of this chapter.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 73

§  73.  Rights  of  retiring  or  estate  of deceased partner when the  business is continued.   When any  partner  retires  or  dies,  and  the  business  is  continued under any of the conditions set forth in section  seventy-two, subdivisions one, two, three,  five  and  six,  or  section  sixty-nine,  paragraph (b) of subdivision two, without any settlement of  accounts as between him or his estate  and  the  person  or  partnership  continuing  the  business,  unless  otherwise  agreed,  he  or his legal  representative as against such persons or partnership may have the value  of his interest at  the  date  of  dissolution  ascertained,  and  shall  receive  as  an  ordinary  creditor  an amount equal to the value of his  interest in the dissolved partnership with interest, or, at  his  option  or  at  the option of his legal representative, in lieu of interest, the  profits attributable to the use of his right  in  the  property  of  the  dissolved  partnership;  provided  that  the  creditors of the dissolved  partnership as against the separate creditors, or the representative  of  the  retired  or  deceased  partner,  shall  have  priority on any claim  arising  under  this  section,  as  provided  by  section   seventy-two,  subdivision eight of this chapter.

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