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362.270 Nature of a partner's right in specific partnership property.
(1)
(2)
A partner is co-owner with his partners of specific partnership property holding as a
tenant in partnership.
The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of KRS 362.150 to 362.360 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.
(b) 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.
(c) 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.
(d) 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.
(e) A partner's right in specific partnership property is not subject to dower,
curtesy, or allowances to widows, widowers, heirs, or next of kin.
Effective: June 26, 2007
History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which
was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180,
effective June 26, 2007. -- Repealed 2006 Ky. Acts ch. 149, sec. 239, effective
January 1, 2008. -- Amended 1974 Ky. Acts ch. 386, sec. 67. -- Created 1954 Ky.
Acts ch. 38, sec. 25, effective June 17, 1954.
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