Chapters 2 OBLIGATIONS OF PARTNERS Section 2 - Property Rights 1810-1814

Question 1

What are the principal rights of a partner?

Answer 1

1. Rights in a specific property
2. Rights in the interest
3. Rights to participate in the management.

Question 2

Redemption or purchase of interest charged

Answer 2

The interest of the partner may be redeemed or purchased with the individual property of the partners or partnership property with the consent of all partners.

Question 3

What are the incidents where a partner is co-owner with other partners in partnership property?

Answer 3

1. Partners have equal rights to the specific partnership property for partnership purposes.
2. The partners’ rights in the specific PS property are not assignable to other people.
3. The partners’ right in the specific PS property is not subject to attachment
4. The partners’ right in the specific PS property is not subject to legal support.

Question 4

What are the rights withheld from assignees?

Answer 4

1. To interfere in the management.
2. To inspect the partnership books
3. To require information about the accounts.

Question 5

What is the interest of the partners in the partnership?

Answer 5

1. Share in profits

2. Surplus

Question 6

TRUE OR FALSE. A partner is co-owner with his partners of specific partnership property.

Answer 6

TRUE

Question 7

What are the related rights of a partner?

Answer 7

1. Rights to reimburse the amount contributed
2. Rights to inspect and access the partnership books
3. Right to true and full information
4. Right to formal accounts of partnership affairs
5. Right to have the partnership dissolved.

Question 8

What are the rights of the assignee of the partner’s interest?

Answer 8

1. To receive the profits accruing to the assignor
2. To receive payment for damages in case of fraud in management.
3. To receive the interest of the partner at the dissolution.
4. To require an account of the partnership at the dissolution.