§425-125 Nature of a partner's right in specific partnership property.
[Repealed July 1, 2000. For new provision, see below.] (1) A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.(2) The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of this part and to any agreement between the partners, has an equal right with the other partners to possess specific partnership property for partnership purposes; but the partner has no right to possess such property for any other purpose without the consent of the other partners.
(b) A partner's right in specific partnership property is not assignable except in connection 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 or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.
(d) On the death of a partner the partner's right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when the deceased's right in such property vests in the deceased's legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.
(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to surviving spouses, heirs, or next of kin. [L 1972, c 17, §25; am L 1980, c 33, §1]
§425-125 Continuation of partnership beyond definite term or particular undertaking. [Section effective July 1, 2000. For present provision, see above.] (a) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so far as is consistent with a partnership at will.
(b) If the partners, or those of them who habitually acted in the business during the term or undertaking, continue the business without any settlement or liquidation of the partnership, they are presumed to have agreed that the partnership will continue. [L 1999, c 284, pt of §1]