The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. The interest is personal property.
History: Laws 1996, ch. 53, § 502.
Interest in partnership realty is personal property. — An interest of a partner in a partnership is personal property and not real property, even if land is one of the assets. Citizens Bank v. Williams, 1981-NMSC-059, 96 N.M. 373, 630 P.2d 1228.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Am. Jur. 2d Partnership § 409 et seq.
Right to set off claim of firm against indebtedness of individual partner, 60 A.L.R. 584.
Profits after death or dissolution, 55 A.L.R.2d 1391.
Effect of Uniform Partnership Act, § 26 as converting realty into personalty, 80 A.L.R.2d 1107.
Partner's breach of fiduciary duty to copartner on sale of partnership interest to another partner, 4 A.L.R.4th 1122.
68 C.J.S. Partnership §§ 85, 86.
Structure 2021 New Mexico Statutes
Article 1A - Uniform Partnerships
Article 5 - Transferees and Creditors of Partner.
Section 54-1A-501 - Partner not co-owner of partnership property.
Section 54-1A-502 - Partner's transferable interest in partnership.
Section 54-1A-503 - Transfer of partner's transferable interest.
Section 54-1A-504 - Partner's transferable interest subject to charging order.