Va. Code Ann. § 50-73.105
Partner not co-owner of partnership property
Redline — June 1, 2021 → current.View current text →
Current — March 1, 2022
As of June 1, 2021
A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.
A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.
(1996, c. 292.)
Michie's Jurisprudence. - For related discussion, see 2A M.J. Assignments, § 5; 14A M.J. Partnership, §§ 75, 77.
CIRCUIT COURT OPINIONS
Priority of orders. - Since the charging order issued to a partner was prior in time, it had priority over the charging order issued to the creditors; viewing the creditors and the partner as judgment creditors, priority against the debtor's partnership interest had to be determined in the sequence in which their charging orders were granted. Ainslie v. Inman, 92 Va. Cir. 425, 2001 Va. Cir. LEXIS 547 (Chesapeake Oct. 26, 2001).
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.