North Carolina § 59-55 Nature of a partner's right in specific partnership property

North Carolina Statutes

§ 59-55 — Nature of a partner's right in specific partnership property

North Carolina § 59-55

Ch. 59Partnership

Art. 2Uniform Partnership Act

This text of North Carolina § 59-55 (Nature of a partner's right in specific partnership property) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 59-55 (2026).

Text

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

(b)The incidents of this tenancy are such that:

(1)A partner, subject to the provisions of this Act 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.

(2)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.

(3)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 i

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(a) A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
(b) The incidents of this tenancy are such that:
(1) A partner, subject to the provisions of this Act 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.
(2) 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.
(3) 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.
(4) 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.
(5) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, heirs, or next of kin. (1941, c. 374, s. 25; 2000-140, s. 101(n).)