48-1-39 - Rights of retiring or estate of deceased partner when the business is continued.
48-1-39. Rights of retiring or estate of deceased partner when the business iscontinued.
When any partner retires or dies and the business is continued under any of the conditionsset forth in Section 48-1-38(1), (2), (3), (5), (6), or Section 48-1-35(2)(b) without any settlementof accounts as between him or his estate and the person or partnership continuing the business,unless otherwise agreed, he or his legal representatives as against such persons or partnership mayhave the value of his interest at the date of dissolution ascertained, and shall receive as anordinary creditor an amount equal to the value of his interest in the dissolved partnership withinterest, or, at his option or at the option of his legal representatives, in lieu of interest, the profitsattributable to the use of his right in the property of the dissolved partnership; provided, that thecreditors of the dissolved partnership as against the separate creditors or the representative of theretired or deceased partner shall have priority on any claim arising under this section, as providedby Section 48-1-38(8).
No Change Since 1953