59-55. Nature of a partner's right in specific partnership property.
(a) A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
(b) The incidents of this tenancy are such that:
(1) A partner, subject to the provisions of this Act 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.
(2) 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.
(3) 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.
(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 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.
(5) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, heirs, or next of kin. (1941, c. 374, s. 25; 2000-140, s. 101(n).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 2 - Uniform Partnership Act.
§ 59-31 - North Carolina Uniform Partnership Act.
§ 59-32 - Definition of terms.
§ 59-33 - Interpretation of knowledge and notice.
§ 59-34 - Rules of construction.
§ 59-35 - Rules for cases not provided for in this Act.
§ 59-35.1 - Filing of documents.
§ 59-35.2 - Filing, service, and copying fees.
§ 59-36 - Partnership defined.
§ 59-37 - Rules for determining the existence of a partnership.
§ 59-38 - Partnership property.
§ 59-39 - Partner agent of partnership as to partnership business.
§ 59-39.1 - Act, admission or acknowledgment by partner.
§ 59-40 - Conveyance of real property of the partnership.
§ 59-41 - Partnership bound by admission of partner.
§ 59-42 - Partnership charged with knowledge of or notice to partner.
§ 59-43 - Partnership bound by partner's wrongful act.
§ 59-44 - Partnership bound by partner's breach of trust.
§ 59-46 - Partner by estoppel.
§ 59-47 - Liability of incoming partner.
§ 59-48 - Rules determining rights and duties of partners.
§ 59-50 - Duty of partners to render information.
§ 59-51 - Partner accountable as a fiduciary.
§ 59-52 - Right to an account.
§ 59-53 - Continuation of partnership beyond fixed term.
§ 59-54 - Extent of property rights of a partner.
§ 59-55 - Nature of a partner's right in specific partnership property.
§ 59-56 - Nature of partner's interest in the partnership.
§ 59-57 - Assignment of partner's interest.
§ 59-58 - Partner's interest subject to charging order.
§ 59-59 - Dissolution defined.
§ 59-60 - Partnership not terminated by dissolution.
§ 59-61 - Causes of dissolution.
§ 59-62 - Dissolution by decree of court.
§ 59-63 - General effect of dissolution on authority of partner.
§ 59-64 - Right of partner to contribution from copartners after dissolution.
§ 59-66 - Effect of dissolution on partner's existing liability.
§ 59-68 - Rights of partners to application of partnership property.
§ 59-69 - Rights where partnership is dissolved for fraud or misrepresentation.
§ 59-70 - Rules for distribution.
§ 59-71 - Liability of persons continuing the business in certain cases.
§ 59-72 - Rights of retiring partner or estate of deceased partner when the business is continued.