partnership property
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 78 U.S. 624 - Bank v. Carrollton Railroad · 1870Most cited · 93 citing opinions
the property or effects of a partnership belong to the firm and not to the partners, each of whom is entitled only to a share of what may remain after payment of the partnership debts and after a settlement of the accounts between the partners; consequently that no greater interest can be derived from a voluntary sale of his interest by one partner, or by a sale of it under execution.