§ 121-706. Power of estate of deceased or incompetent partner.\nSubject to subdivision (f) of section 121-402 of this article, if a\npartner who is an individual dies or a court of competent jurisdiction\nadjudges him to be incompetent to manage his person or his property, the\npartner's executor, administrator, guardian, conservator or other legal\nrepresentative may exercise all of the partner's rights for the purpose\nof settling his estate or administering his property, including any\npower under the partnership agreement of an assignee to become a limited\npartner. If a partner is a corporation, trust, or other entity and is\ndissolved or terminated, the powers of that partner may be exercised by\nits legal representative or successor.\n
N.Y. Partnership Law § 121-706
Power of estate of deceased or incompetent partner
2014-09-22
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.