South Carolina § 33-41-1030 Application of property upon dissolution not in contravention of agreement.

South Carolina Statutes

§ 33-41-1030 — Application of property upon dissolution not in contravention of agreement.

South Carolina·Title 33 CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS·Ch. 41 UNIFORM PARTNERSHIP ACT

When dissolution is caused in any way, except in contravention of the partnership agreement, each partner, as against his copartner and all persons claiming through them in respect of their interests in the partnership, unless otherwise agreed, may have the partnership property applied to discharge its liabilities and the surplus applied to pay in cash the net amount owing to the respective partners. But if dissolution is caused by expulsion of a partner, bona fide under the partnership agreement, and if the expelled partner is discharged from all partnership liabilities, either by payment or agreement under item (2) of SECTION 33-41-1010, he shall receive in cash only the net amount due him from the partnership.

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When dissolution is caused in any way, except in contravention of the partnership agreement, each partner, as against his copartner and all persons claiming through them in respect of their interests in the partnership, unless otherwise agreed, may have the partnership property applied to discharge its liabilities and the surplus applied to pay in cash the net amount owing to the respective partners. But if dissolution is caused by expulsion of a partner, bona fide under the partnership agreement, and if the expelled partner is discharged from all partnership liabilities, either by payment or agreement under item (2) of SECTION 33-41-1010, he shall receive in cash only the net amount due him from the partnership.

South Carolina § 33-41-1030 (Application of property upon dissolution not in contravention of agreement.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.