North Carolina § 59-53 Continuation of partnership beyond fixed term

North Carolina Statutes

§ 59-53 — Continuation of partnership beyond fixed term

North Carolina § 59-53

Ch. 59Partnership

Art. 2Uniform Partnership Act

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Bluebook

N.C. Gen. Stat. § 59-53 (2026).

Text

(a)When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with a partnership at will.

(b)A continuation of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is prima facie evidence of a continuation of the partnership. (1941, c. 374, s. 23.) Part 5. Property Rights of a Partner.

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(a) When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with a partnership at will.
(b) A continuation of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is prima facie evidence of a continuation of the partnership. (1941, c. 374, s. 23.)
Part 5. Property Rights of a Partner.