2006 Nebraska Revised Statutes - § 67-323 — Partnership; continuation beyond fixed term.
Section 67-323Partnership; continuation beyond fixed term.
(1) When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with a partnership at will.
(2) A continuation of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs is prima facie evidence of a continuation of the partnership.
Source:
- Laws 1943, c. 143, § 23, p. 494
Termination date January 1, 2001
- Where a partnership undertaking is continued after its termination date, the rights and duties of the partners remain the same as far as is consistent with a partnership at will. Essay v. Essay, 175 Neb. 689, 123 N.W.2d 20 (1963).
~Reissue Revised Statutes of Nebraska
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