§59‑68. Rights of partners to application of partnership property.
(a) When dissolution iscaused in any way, except in contravention of the partnership agreement, eachpartner, as against his copartners and all persons claiming through them inrespect of their interest in the partnership, unless otherwise agreed, may havethe partnership property applied to discharge its liabilities, and the surplusapplied to pay in cash the net amount owing to the respective partners. But ifdissolution is caused by expulsion of a partner, bona fide under thepartnership agreement, and if the expelled partner is discharged from allpartnership liabilities, either by payment or agreement under G.S. 59‑66,subsection (b), he shall receive in cash only the net amount due him from thepartnership.
(b) When dissolution iscaused in contravention of the partnership agreement the rights of thepartners shall be as follows:
(1) Each partner who hasnot caused dissolution wrongfully shall have:
a. All the rightsspecified in subsection (a) of this section, and
b. The right, asagainst each partner who has caused the dissolution wrongfully, to damages forbreach of the agreement.
(2) The partners whohave not caused the dissolution wrongfully, if they all desire to continue thebusiness in the same name, either by themselves or jointly with others, may doso, during the agreed term for the partnership and for that purpose may possessthe partnership property, provided they secure the payment by bond approved bythe court, or pay to any partner who has caused the dissolution wrongfully, thevalue of his interest in the partnership at the dissolution, less any damagesrecoverable under clause (b)(1)b of this section, and in like manner indemnifyhim against all present or future partnership liabilities.
(3) A partner who hascaused the dissolution wrongfully shall have:
a. If the business isnot continued under the provisions of subdivision (b)(2) all the rights of apartner under subsection (a), subject to clause (b)(1)b, of this section,
b. If the business iscontinued under subdivision (b)(2) of this section, the right as against hiscopartners and all claiming through them in respect of their interests in thepartnership, to have the value of his interest in the partnership, less anydamages caused to his copartners by the dissolution, ascertained and paid tohim in cash, or the payment secured by bond approved by the court, and to bereleased from all existing liabilities of the partnership; but in ascertainingthe value of the partner's interest the value of the goodwill of the businessshall not be considered. (1941, c. 374, s. 38.)
§59‑68. Rights of partners to application of partnership property.
(a) When dissolution iscaused in any way, except in contravention of the partnership agreement, eachpartner, as against his copartners and all persons claiming through them inrespect of their interest in the partnership, unless otherwise agreed, may havethe partnership property applied to discharge its liabilities, and the surplusapplied to pay in cash the net amount owing to the respective partners. But ifdissolution is caused by expulsion of a partner, bona fide under thepartnership agreement, and if the expelled partner is discharged from allpartnership liabilities, either by payment or agreement under G.S. 59‑66,subsection (b), he shall receive in cash only the net amount due him from thepartnership.
(b) When dissolution iscaused in contravention of the partnership agreement the rights of thepartners shall be as follows:
(1) Each partner who hasnot caused dissolution wrongfully shall have:
a. All the rightsspecified in subsection (a) of this section, and
b. The right, asagainst each partner who has caused the dissolution wrongfully, to damages forbreach of the agreement.
(2) The partners whohave not caused the dissolution wrongfully, if they all desire to continue thebusiness in the same name, either by themselves or jointly with others, may doso, during the agreed term for the partnership and for that purpose may possessthe partnership property, provided they secure the payment by bond approved bythe court, or pay to any partner who has caused the dissolution wrongfully, thevalue of his interest in the partnership at the dissolution, less any damagesrecoverable under clause (b)(1)b of this section, and in like manner indemnifyhim against all present or future partnership liabilities.
(3) A partner who hascaused the dissolution wrongfully shall have:
a. If the business isnot continued under the provisions of subdivision (b)(2) all the rights of apartner under subsection (a), subject to clause (b)(1)b, of this section,
b. If the business iscontinued under subdivision (b)(2) of this section, the right as against hiscopartners and all claiming through them in respect of their interests in thepartnership, to have the value of his interest in the partnership, less anydamages caused to his copartners by the dissolution, ascertained and paid tohim in cash, or the payment secured by bond approved by the court, and to bereleased from all existing liabilities of the partnership; but in ascertainingthe value of the partner's interest the value of the goodwill of the businessshall not be considered. (1941, c. 374, s. 38.)
§59‑68. Rights of partners to application of partnership property.
(a) When dissolution iscaused in any way, except in contravention of the partnership agreement, eachpartner, as against his copartners and all persons claiming through them inrespect of their interest in the partnership, unless otherwise agreed, may havethe partnership property applied to discharge its liabilities, and the surplusapplied to pay in cash the net amount owing to the respective partners. But ifdissolution is caused by expulsion of a partner, bona fide under thepartnership agreement, and if the expelled partner is discharged from allpartnership liabilities, either by payment or agreement under G.S. 59‑66,subsection (b), he shall receive in cash only the net amount due him from thepartnership.
(b) When dissolution iscaused in contravention of the partnership agreement the rights of thepartners shall be as follows:
(1) Each partner who hasnot caused dissolution wrongfully shall have:
a. All the rightsspecified in subsection (a) of this section, and
b. The right, asagainst each partner who has caused the dissolution wrongfully, to damages forbreach of the agreement.
(2) The partners whohave not caused the dissolution wrongfully, if they all desire to continue thebusiness in the same name, either by themselves or jointly with others, may doso, during the agreed term for the partnership and for that purpose may possessthe partnership property, provided they secure the payment by bond approved bythe court, or pay to any partner who has caused the dissolution wrongfully, thevalue of his interest in the partnership at the dissolution, less any damagesrecoverable under clause (b)(1)b of this section, and in like manner indemnifyhim against all present or future partnership liabilities.
(3) A partner who hascaused the dissolution wrongfully shall have:
a. If the business isnot continued under the provisions of subdivision (b)(2) all the rights of apartner under subsection (a), subject to clause (b)(1)b, of this section,
b. If the business iscontinued under subdivision (b)(2) of this section, the right as against hiscopartners and all claiming through them in respect of their interests in thepartnership, to have the value of his interest in the partnership, less anydamages caused to his copartners by the dissolution, ascertained and paid tohim in cash, or the payment secured by bond approved by the court, and to bereleased from all existing liabilities of the partnership; but in ascertainingthe value of the partner's interest the value of the goodwill of the businessshall not be considered. (1941, c. 374, s. 38.)
