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New York Partnership Law Section 45 - Continuation Of Partnership Beyond Fixed Term

Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 45 - Continuation Of Partnership Beyond Fixed Term

    § 45.  Continuation  of  partnership  beyond  fixed term.   1. When a
  partnership for a fixed term  or  particular  undertaking  is  continued
  after the termination of such term or particular undertaking without any
  express agreement, the rights and duties of the partners remain the same
  as  they  were  at  such  termination,  so  far  as is consistent with a
  partnership at will.
    2. A continuation of the business by the partners or such of  them  as
  habitually  acted  therein  during  the  term, without any settlement or
  liquidation of the partnership affairs, is prima  facie  evidence  of  a
  continuation of the partnership.

Last modified: August 9, 2006