§ 23-4-1-42 — Rights of retiring or estate of deceased partner when business is continued

When any partner retires or dies, and the
business is continued under any of the conditions set forth in section
41(1), 41(2), 41(3), 41(5), 41(6), or (38)(2)(b) of this chapter, without
any settlement of accounts as between him or his estate and the person
or partnership continuing the business, unless otherwise agreed, he or
his legal representative as against such persons or partnership may
have the value of his interest at the date of dissolution ascertained, and
shall receive as an ordinary creditor an amount equal to the value of his
interest in the dissolved partnership with interest, or, at his option or at
the option of his legal representative, in lieu of interest, the profits
attributable to the use of his right in the property of the dissolved
partnership; provided 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 41(8) of this chapter.
Formerly: Acts 1949, c.114, s.42. As amended by P.L.34-1987,
SEC.306.