2022 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Chapter 41 - Uniform Partnership Act
Section 33-41-720. Nature of right in specific partnership property.

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

(2) The incidents of his 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 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 and 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 when the deceased was the last surviving partner in which case his right in such property vests in his legal representative; but 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 and

(e) a partner's right in specific partnership property is not subject to dower, curtesy or allowances to widows, heirs or next of kin.

HISTORY: 1962 Code Section 52-52; 1952 Code Section 52-52; 1950 (46) 1841.