48-1-22 - Nature of a partner's right in specific partnership property.
48-1-22. Nature of a partner's right in specific partnership property.
(1) A partner is co-owner with his partners of specific partnership property holding as atenant in partnership.
(2) The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of this chapter and to any agreement between thepartners, has an equal right with his partners to possess specific partnership property forpartnership purposes; but he has no right to possess such property for any other purpose withoutthe consent of his partners.
(b) A partner's right in specific partnership property is not assignable, except inconnection with the assignment of rights of all the partners in the same property.
(c) A partner's right in specific partnership property is not subject to attachment orexecution, except on a claim against the partnership. When partnership property is attached for apartnership debt, the partners, or any of them, or the representative of a deceased partner, cannotclaim any right under the homestead or exemption laws.
(d) On the death of a partner his right in specific partnership property vests in thesurviving partner or partners, except where the deceased was the last surviving partner, when hisright in such property vests in his legal representatives. Such surviving partner or partners, or thelegal representatives of the last surviving partner, has no right to possess the partnership propertyfor any but a partnership purpose.
(e) A partner's right in specific partnership property is not subject to dower, curtesy, orallowances to widows, heirs or next of kin.
No Change Since 1953