§ 8342. Nature of right of partner in specific partnership property.
(a) General rule.--A partner is co-owner with his partners of specific partnership property, holding as a tenant in partnership.
(b) Incidents of tenancy.--The incidents of this tenancy are as follows:
(1) A partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes, but he has no right to possess the property for any other purpose without the consent of his partners.
(2) The right of a partner in specific partnership property is not assignable except in connection with the assignment of the rights of all partners in the same property.
(3) The right of a partner 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.
(4) On the death of a partner, his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in the property vests in his legal representative. The 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.
(5) The right of a partner in specific partnership property is not subject to dower, curtesy or allowances to surviving spouses, heirs or next of kin.
Section: Previous 8331 8332 8333 8334 8335 8336 8341 8342 8343 8344 8345 8351 8352 8353 8354 NextLast modified: October 8, 2016