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N.Y. Partnership Law § 51

Nature of a partner's right in specific partnership property

2014-09-22

§ 51. Nature of a partner's right in specific partnership property.\n1. A partner is co-owner with his partners of specific partnership\nproperty holding as a tenant in partnership.\n 2. The incidents of this tenancy are such that:\n (a) A partner, subject to the provisions of this chapter and to any\nagreement between the partners, has an equal right with his partners to\npossess specific partnership property for partnership purposes; but he\nhas no right to possess such property for any other purpose without the\nconsent of his partners.\n (b) A partner's right in specific partnership property is not\nassignable except in connection with the assignment of the rights of all\nthe partners in the same property.\n (c) A partner's right in specific partnership property is not subject\nto attachment or execution, except on a claim against the partnership.\nWhen partnership property is attached for a partnership debt the\npartners, or any of them, or the representatives of a deceased partner,\ncannot claim any right under the homestead or exemption laws.\n (d) On the death of a partner his right in specific partnership\nproperty vests in the surviving partner or partners, except where the\ndeceased was the last surviving partner, when his right in such property\nvests in his legal representative. Such surviving partner or partners,\nor the legal representative of the last surviving partner, has no right\nto possess the partnership property for any but a partnership purpose.\n (e) A partner's right in specific partnership property is not subject\nto dower, curtesy, or allowances to surviving spouses, heirs, or next of\nkin.\n

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.