§ 73 — Rights of retiring or estate of deceased partner when the business is continued

New York § 73

• Jurisdiction: New York
• Law PTR: Partnership
• Art. 6: Dissolution and Winding Up

Text

§ 73. Rights of retiring or estate of deceased partner when the\nbusiness is continued. When any partner retires or dies, and the\nbusiness is continued under any of the conditions set forth in section\nseventy-two, subdivisions one, two, three, five and six, or section\nsixty-nine, paragraph (b) of subdivision two, without any settlement of\naccounts as between him or his estate and the person or partnership\ncontinuing the business, unless otherwise agreed, he or his legal\nrepresentative as against such persons or partnership may have the value\nof his interest at the date of dissolution ascertained, and shall\nreceive as an ordinary creditor an amount equal to the value of his\ninterest in the dissolved partnership with interest, or, at his option\nor at the option of his legal representative, in lieu of interest, the\nprofits attributable to the use of his right in the property of the\ndissolved partnership; provided that the creditors of the dissolved\npartnership as against the separate creditors, or the representative of\nthe retired or deceased partner, shall have priority on any claim\narising under this section, as provided by section seventy-two,\nsubdivision eight of this chapter.\n