2006 Nebraska Revised Statutes - § 67-304 — Rules of construction; applicability.

Section 67-304
Rules of construction; applicability.

(1) The rules that statutes in derogation of the common law are to be strictly construed shall have no application to the Uniform Partnership Act.

(2) The law of estoppel shall apply under the act.

(3) The law of agency shall apply under the act.

(4) The act shall be interpreted and construed in harmony with the entity theory of partnership. In all matters of interpretation and construction of the act which do not involve the entity theory of partnership, the act shall be interpreted and construed to make uniform the law of those states which have enacted or may enact the act.

(5) The act shall not be construed so as to impair the obligations of any contract existing when the act goes into affect, nor to effect any action or proceedings begun or right accrued before the act takes effect.

Source:

Laws 1943, c. 143, § 4, p. 488

R.S.1943, § 67-304

Laws 1996, LB 681, § 201

Termination date January 1, 2001

Annotations:

A partnership is considered as an entity separate and apart from individual partners. State v. Siers, 197 Neb. 51, 248 N.W.2d 1 (1976).

A partnership is an entity separate and apart from the individual partners for purpose of taxation. Svoboda & Hannah v. Board of Equalization, 180 Neb. 215, 142 N.W.2d 328 (1966).

Death of partner did not nullify legal effect of partnership agreement made before Uniform Partnership Act became effective. Johnson v. Munsell, 170 Neb. 749, 104 N.W.2d 314 (1960).

~Reissue Revised Statutes of Nebraska