2006 New York Code - Nature Of A Partner\'s Right In Specific Partnership Property.



 
    §  51.  Nature  of a partner's right in specific partnership property.
  1. A partner is co-owner  with  his  partners  of  specific  partnership
  property holding as a tenant in partnership.
    2. The incidents of this tenancy are such that:
    (a)  A  partner,  subject to the provisions of this chapter 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 the 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 surviving spouses, heirs, or next of
  kin.

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