2006 Nebraska Revised Statutes - § 67-325 — Partner; right in specific property; death of partner.

Section 67-325
Partner; right in specific property; death of partner.

(1) A partner is co-owner with his or her partners of specific partnership property holding as a tenant in partnership.

(2) The incidents of this tenancy are that:

(a) A partner, subject to the provisions of the Uniform Partnership Act and to any agreement between the partners, has an equal right with his or her partners to possess specific partnership property for partnership purposes, but he or she has no right to possess the property for any other purpose without the consent of his or her 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 or her right to specific partnership property vests in the surviving partner or partners who, in case there are more than one, continue to hold as tenants in partnership until the termination of the partnership, except where the deceased was the last surviving partner, in which event his or her right in the property vests in his or her 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 purpose 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; and

(f) If the partnership is dissolved by the death of a partner and real property acquired and held in the partnership name is not conveyed in the winding up of the partnership affairs or in order to provide a cash surplus, in accordance with subsection (1) of section 67-338, then upon the termination of the partnership, as provided in section 67-330, title to any real property not conveyed by the partnership vests in the surviving partners and the heirs or devisees of any deceased partner or partners as tenants in common. During the administration of the estate of any deceased partner, the legal representative of the deceased partner, as between him or her and the heirs or devisees of the deceased partner, has the sole power to convey the interests of the heirs or devisees in any of the real property, the interest of the deceased partner being deemed personal property, in accordance with section 67-326, during the administration.

Source:

Laws 1943, c. 143, § 25, p. 494

R.S.1943, § 67-325

Laws 1996, LB 681, § 207

Termination date January 1, 2001

~Reissue Revised Statutes of Nebraska