Sec. 25. (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 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 such property for any other purpose without the consent of his 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, 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 such property vests in his 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 allowances to surviving spouses, heirs, or next of kin.
Formerly: Acts 1949, c.114, s.25. As amended by P.L.34-1987, SEC.297.
Structure Indiana Code
Title 23. Business and Other Associations
Chapter 1. Uniform Partnership Act
23-4-1-3. Interpretation of Knowledge and Notice
23-4-1-4. Rules of Construction
23-4-1-5. Rules for Cases Not Provided for in Chapter
23-4-1-7. Rules for Determining Existence of Partnership
23-4-1-8. Partnership Property
23-4-1-10. Conveyance of Real Property of Partnership
23-4-1-11. Partnership Bound by Admission of Partner
23-4-1-12. Partnership Charged With Knowledge of or Notice to Partner
23-4-1-13. Partnership Bound by Partner's Wrongful Act
23-4-1-14. Partnership Bound by Partner's Breach of Trust
23-4-1-15. Nature of Partner Liability; Partnerships; Limited Liability Partnerships
23-4-1-16. Partner by Estoppel
23-4-1-17. Liability of Incoming Partner
23-4-1-18. Rules Determining Rights and Duties of Partners
23-4-1-20. Duty of Partners to Render Information
23-4-1-21. Partner Accountable as Fiduciary
23-4-1-23. Continuation of Partnership Beyond Fixed Term
23-4-1-24. Extent of Property Rights of Partner
23-4-1-25. Nature of Partner's Right in Specific Partnership Property
23-4-1-26. Nature of Partner's Interest in Partnership
23-4-1-27. Assignment of Partner's Interest
23-4-1-28. Partner's Interest Subject to Charging Order
23-4-1-29. Dissolution Defined
23-4-1-30. Partnership Not Terminated by Dissolution
23-4-1-31. Causes of Dissolution
23-4-1-32. Dissolution by Decree of Court
23-4-1-33. General Effect of Dissolution on Authority of Partner
23-4-1-34. Right of Partner to Contribution From Copartners After Dissolution
23-4-1-35. Power of Partner to Bind Partnership to Third Person After Dissolution
23-4-1-36. Effect of Dissolution on Partner's Existing Liability
23-4-1-38. Rights of Partners to Application of Partnership Property
23-4-1-39. Rights Where Partnership Is Dissolved for Fraud or Misrepresentation
23-4-1-40. Rules for Distribution
23-4-1-41. Liability of Persons Continuing Business in Certain Cases
23-4-1-42. Rights of Retiring or Estate of Deceased Partner When Business Is Continued
23-4-1-44. Limited Liability Partnerships; Legislative Intent and Policy
23-4-1-45. Limited Liability Partnerships; Registration; Notice
23-4-1-45.1. Limited Liability Partnerships; Amendment of Registration
23-4-1-45.2. Limited Liability Partnerships; Withdrawal of Registration; Filing Fee