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New York Partnership Law Section 75 - Continuance Of Partnership Business During Action For Accounting

Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 75 - Continuance Of Partnership Business During Action For Accounting

    § 75.   Continuance   of  partnership  business  during  action  for
  accounting.  In an action brought to dissolve a partnership, or  for  an
  accounting  between  partners, or affecting the continued prosecution of
  the business, the court may, in its discretion, by order, authorize  the
  partnership  business to be continued, during the pendency of the action
  by one or more of the partners, upon their executing and filing with the
  clerk an undertaking, in such a sum and with such sureties as the  order
  prescribes,  to  the effect that they will obey all orders of the court,
  in the action,  and  perform  all  things  which  the  judgment  therein
  requires  them to perform. The court may impose such other conditions as
  it deems proper, and it may in its discretion  at  any  time  thereafter
  require  a new undertaking to be given. The court may also ascertain the
  value of the partnership property, and of the interest of the respective
  partners by a reference or  otherwise,  and  may  direct  an  accounting
  between  any  of  the partners; and the judgment may make such provision
  for the payment to the retiring partners, for their interest,  and  with
  respect  to  the  rights  of  creditors,  the  title  to the partnership
  property, and otherwise,  as  justice  requires,  with  or  without  the
  appointment of a receiver, or a sale of the partnership property.

Last modified: August 10, 2006