South Carolina § 33-41-720 Nature of right in specific partnership property.

South Carolina Statutes

§ 33-41-720 — Nature of right in specific partnership property.

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

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

(2)The incidents of his tenancy are such that (a) a partner, subject to the provisions of this chapter 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, (b) 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, (c) a partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership and when partnership pro

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(1) A partner is a co-owner with his partners of specific partnership property, holding as a tenant in partnership. (2) The incidents of his tenancy are such that (a) a partner, subject to the provisions of this chapter 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, (b) 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, (c) a partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership and 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, (d) on the death of a partner his right in specific partnership property vests in the surviving partner or partners, except when the deceased was the last surviving partner in which case his right in such property vests in his legal representative; but 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 and (e) a partner's right in specific partnership property is not subject to dower, curtesy or allowances to widows, heirs or next of kin.

South Carolina § 33-41-720 (Nature of right in specific partnership property.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.