CHAPTER 3. ACCOUNTING BY SURVIVING PARTNERS
IC 23-4-3
Chapter 3. Accounting by Surviving Partners
IC 23-4-3-1
Settling and closing affairs
Sec. 1. In case of the death of one (1) partner, the surviving
partner or partners shall proceed to settle and close up, as speedily as
may be practicable, the partnership affairs, in accordance with the
law in force and the provisions of this chapter.
(Formerly: Acts 1877, c.86, s.1.) As amended by P.L.34-1987,
SEC.320.
IC 23-4-3-2
Inventory and appraisal
Sec. 2. Such surviving partner or partners, within sixty (60) days
after such death, shall proceed to make a full, true, and complete
inventory of the estate, goods, chattels, rights, credits, moneys, and
effects within the knowledge of the partner or partners, and shall
cause the same to be appraised by:
(1) one (1) disinterested freeholder of the county; and
(2) one (1) disinterested appraiser licensed under IC 25-34.1;
who are residents of Indiana, one (1) of whom shall be selected by
the surviving partner or partners and the other by the clerk of the
court having probate jurisdiction, making a full and complete
schedule thereof; which said schedule and appraisement shall be
sworn to by said appraisers before the clerk of such court, specifying
that the property described in said schedule is appraised at its true
cash value; which schedule shall, by said appraisers, be filed in the
office of the clerk of the court having probate jurisdiction,
immediately after the completion thereof.
(Formerly: Acts 1877, c.86, s.2.) As amended by P.L.113-2006,
SEC.17.
IC 23-4-3-3
Affidavit of correctness of inventory; list of liabilities
Sec. 3. It shall be the duty of such surviving partner or partners,
immediately upon the filing of such schedule of appraisement, to file
with the clerk of the court having probate jurisdiction, his or their
affidavit that the schedule filed by said appraisers contains a full,
true and complete list of all property, rights, credits, moneys and
effects belonging to said firm; and, at the same time, shall file a full,
true and complete list of all the liabilities of said firm at the time of
the death of said deceased partner, to which said list of liabilities said
surviving partner or partners shall also append his or their affidavits
testifying to the correctness thereof.
(Formerly: Acts 1877, c.86, s.3.)
IC 23-4-3-4
Bond
Sec. 4. Upon the filing of the inventory, appraisement, and list of
liabilities, as in this chapter provided, such surviving partner or
partners shall execute a bond, payable to the state of Indiana, in a
sum double the amount of the interest of said decedent, as shown by
said inventory, appraisement, and list of liabilities on file,
conditioned for the faithful performance of his or their trust, signed
by at least two (2) good and sufficient freehold sureties, to be
approved by the clerk of said court. If such surviving partner or
partners shall fail to file such bond within ten (10) days after the
filing of such inventory and appraisement, the judge of the court
having probate jurisdiction shall appoint a receiver to take charge of
the assets of such firm, who shall proceed to settle the same as
though a voluntary assignment of the assets of said firm had been
made for the benefit of creditors.
(Formerly: Acts 1877, c.86, s.4.) As amended by P.L.34-1987,
SEC.321.
IC 23-4-3-5
Appointment of receiver on failure to comply with act
Sec. 5. If such surviving partner or partners shall fail to file such
inventory, appraisement, and list of liabilities, and bond, as in this
chapter provided, or shall fail or refuse to take upon him or
themselves the settlement of the business of such firm, the judge of
the court having probate jurisdiction, upon petition filed by anyone
interested in the settlement of such partnership, shall appoint a
receiver to settle the affairs of such partnership, who shall proceed
to settle the same as though a voluntary assignment for the benefit of
the creditors had been made by the surviving partner or partners of
such firm.
(Formerly: Acts 1877, c.86, s.5.) As amended by P.L.34-1987,
SEC.322.
IC 23-4-3-6
Petition to appoint receiver; notice
Sec. 6. Any person interested in the settlement of such partnership
business may file a petition in the court having probate jurisdiction
to have a receiver appointed to settle the same, and shall give the
surviving partner or partners ten (10) days notice of the time and
place of hearing such petition; and if, upon the hearing thereof, the
judge of such court shall be convinced that such partnership business
is not being properly settled, or that the assets of such firm are being
wasted, he shall appoint a receiver to settle the same, as provided in
this chapter.
(Formerly: Acts 1877, c.86, s.6.) As amended by P.L.34-1987,
SEC.323.
IC 23-4-3-7
Disposition of surplus
Sec. 7. Upon the settlement of such partnership business, the
surviving partner or partners shall report the same to the proper court
and pay the surplus belonging to such deceased partner into court, to
be paid out, on the order of the judge, to such person or persons as
may be entitled to the same by law; and such surviving partner or
partners shall settle such partnership business within two (2) years
from the filing of such inventory and appraisement, unless the court
for good cause shown shall grant a longer time.
(Formerly: Acts 1877, c.86, s.7.)
IC 23-4-3-8
Release of sureties
Sec. 8. The sureties upon the bond of such surviving partner or
partners may be released as in cases of sureties upon the bond of
executors and administrators.
(Formerly: Acts 1877, c.86, s.8.)