§ 75 — Continuance of partnership business during action for accounting

New York § 75

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

Text

§ 75. Continuance of partnership business during action for\naccounting. In an action brought to dissolve a partnership, or for an\naccounting between partners, or affecting the continued prosecution of\nthe business, the court may, in its discretion, by order, authorize the\npartnership business to be continued, during the pendency of the action\nby one or more of the partners, upon their executing and filing with the\nclerk an undertaking, in such a sum and with such sureties as the order\nprescribes, to the effect that they will obey all orders of the court,\nin the action, and perform all things which the judgment therein\nrequires them to perform. The court may impose such other conditions as\nit deems proper, and it may in its discretion at any time thereafter\nrequire a new undertaking to be given. The court may also ascertain the\nvalue of the partnership property, and of the interest of the respective\npartners by a reference or otherwise, and may direct an accounting\nbetween any of the partners; and the judgment may make such provision\nfor the payment to the retiring partners, for their interest, and with\nrespect to the rights of creditors, the title to the partnership\nproperty, and otherwise, as justice requires, with or without the\nappointment of a receiver, or a sale of the partnership property.\n