State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_59 > GS_59-55

§59‑55.  Nature of a partner's right in specific partnership property.

(a)        A partner is co‑ownerwith his partners of specific partnership property holding as a tenant inpartnership.

(b)        The incidents ofthis tenancy are such that:

(1)        A partner, subjectto the provisions of this Act and to any agreement between the partners, has anequal right with his partners to possess specific partnership property forpartnership purposes; but he has no right to possess such property for anyother purpose without the consent of his partners.

(2)        A partner's right inspecific partnership property is not assignable except in connection with theassignment of rights of all the partners in the same property.

(3)        A partner's right inspecific partnership property is not subject to attachment or execution, excepton a claim against the partnership. When partnership property is attached for apartnership debt the partners, or any of them, or the representatives of adeceased partner, cannot claim any right under the homestead or exemption laws.

(4)        On the death of apartner his right in specific partnership property vests in the survivingpartner or partners, except where the deceased was the last surviving partner,when his right in such property vests in his legal representative. Suchsurviving partner, or partners, or the legal representative of the lastsurviving partner, has no right to possess the partnership property for any buta partnership purpose.

(5)        A partner's right inspecific partnership property is not subject to dower, curtesy, or allowancesto widows, heirs, or next of kin. (1941, c. 374, s. 25; 2000‑140,s. 101(n).)