2006 New York Code - Rights Of Partners To Application Of Partnership Property.

 
    §  69.  Rights  of  partners to application of partnership property 1.
  When dissolution is caused in any way, except in  contravention  of  the
  partnership  agreement,  each partner, as against his copartners and all
  persons claiming through them in  respect  of  their  interests  in  the
  partnership,  unless otherwise agreed, may have the partnership property
  applied to discharge its liabilities, and the surplus applied to pay  in
  cash the net amount owing to the respective partners. But if dissolution
  is  caused  by  expulsion  of a partner, bona fide under the partnership
  agreement,  and  if  the  expelled  partner  is  discharged   from   all
  partnership  liabilities,  either  by payment or agreement under section
  sixty-seven, subdivision two, he shall receive  in  cash  only  the  net
  amount due him from the partnership.
    2.  When  dissolution  is  caused  in contravention of the partnership
  agreement the rights of the partners shall be as follows:
    (a) Each partner who has not caused dissolution wrongfully shall have,
    (I) All the rights specified in subdivision one of this section, and
    (II) The right, as against each partner who has caused the dissolution
  wrongfully, to damages for breach of the agreement.
    (b) The partners who have not caused the  dissolution  wrongfully,  if
  they  all  desire  to  continue the business in the same name, either by
  themselves or jointly with others, may do so, during the agreed term for
  the partnership  and  for  that  purpose  may  possess  the  partnership
  property,  provided  they  secure  the  payment  by bond approved by the
  court, or pay to any partner who has caused the dissolution  wrongfully,
  the  value  of  his interest in the partnership at the dissolution, less
  any  damages  recoverable  under  clause  (II)  of  paragraph   (a)   of
  subdivision  two  of  this  section,  and  in  like manner indemnify him
  against all present or future partnership liabilities.
    (c) A partner who has caused the dissolution wrongfully shall have:
    (I) If the business is not continued under the provisions of paragraph
  (b) of subdivision two of this section all the rights of a partner under
  subdivision (1), subject to clause (II) of paragraph (a) of  subdivision
  two, of this section.
    (II)  If  the business is continued under paragraph (b) of subdivision
  two of this section the right as against his copartners and all claiming
  through them in respect of their interest in the  partnership,  to  have
  the value of his interest in the partnership, less any damages caused to
  his  copartners by the dissolution, ascertained and paid to him in cash,
  or the payment secured by bond approved by the court, and to be released
  from all existing liabilities of the partnership;  but  in  ascertaining
  the  value  of  the partner's interest the value of the good-will of the
  business shall not be considered.