§ 7-60-142 — Rights of retiring partner

Colorado § 7-60-142

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Uniform Partnership Law

Text

When any partner retires or dies and
the business is continued under any of the conditions set forth in section 7-60-141
(1), (2), (3), (5), and (6), or in section 7-60-138 (2)(b), without any settlement of
accounts as between the partner or the partner's estate and the person or
partnership continuing the business, unless otherwise agreed, the partner or the
partner's legal representative as against such persons or partnership may have the
value of the partner's interest at the date of dissolution ascertained and shall
receive as an ordinary creditor an amount equal to such value with interest, or, at
the partner's option or at the option of the partner's legal representative in lieu of
interest, the profits attributable to the use of the partner's right in the property of
the dissolved partnership; except that the creditors of the dissolved partnership as
against the separate creditors, or the representative of the retired or deceased
partner, shall have priority on any claim arising under this section as provided by
section 7-60-141 (8).

Legislative History

Source: L. 31: p. 674, � 42. CSA: C. 123, � 42. CRS 53: � 104-1-42. C.R.S. 1963: � 104-1-42. L. 2004: Entire section amended, p. 1431, � 97, effective July 1.