§ 23-4-1-25 — Nature of partner's right in specific partnership property

Indiana § 23-4-1-25

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 4: PARTNERSHIPS
• Ch. 1: Uniform Partnership Act

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(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 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 allowances to surviving spouses, heirs, or next of kin.
Formerly: Acts 1949, c.114, s.25. As amended by P.L.34-1987,
SEC.297.