§ 7-12-1 - Provisions in partnership agreements deemed nontestamentary.
SECTION 7-12-1
§ 7-12-1 Provisions in partnershipagreements deemed nontestamentary. – No partnership agreement in writing, or agreement in writing betweencopartners, either previously or subsequently entered into, are deemedtestamentary in character or for that reason invalid or unenforceable becausethe agreement contains a provision: (1) regulating, in the event of the deathof any of the partners, the transfer, distribution, or other disposition of theassets of the partnership, or any of them, to or among the surviving partnersor any of them, or their successors, or the estate of the deceased partner; or(2) regulating, in the event of death, the use of the firm name by thesurviving partners, or their successors, or any of them; or (3) regulating thedestination, distribution, or other disposition of the proceeds of any policyor policies of insurance upon the life of any partner; nor is any provisioncontained in any partnership agreement or in any agreement between copartnerstestamentary in character or for that reason invalid or unenforceable,provided, however, that this section shall not be construed to affect therights of the heirs, next of kin, devisees or creditors of a partner who hasdeceased prior to March 10, 1932.