Sec 2 (1810-1814) Partners' Property Rights

Question 1

1810: The property rights of a partner are:

Answer 1

1. rights in specific partnership property
2. interest in the partnership
3. righ to participate in the mngt.

Question 2

1811: A partner is co-owner with his partners of specific partnership property. The incidents of this co-ownership are such that : (3)

Answer 2

1. Each partner has an EQUAL RIGHT w/ his partners to possess a 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.
2. A P’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.
3. A P’s right in specific pshi property is NOT SUBJECT TO ATTACHMENT or EXECUTION.
4. A P’s right in specific pship property is NOT subject to legal support under Article 291.

Question 3

1811: When a pship propert is attached for a pship debt, the partners, or any of them, or the representatives of a deceased partner cannot ___

Answer 3

claim any right under the homestead or exemption laws.

Question 4

1811: a special form of co-ownership where each partner is a co-woner of the entire pship propert and not the sole owner of any part of it.

Answer 4

tenancy in pship

Question 5

1812: a partner’s interest in the pship is his ___.
- it refers to the funds and other assets of the pship after the pship has been dissolved and its liabilities have been settled.

Answer 5

• share of the profits and surplus.

- surplus.

Question 6

1813: A partner may voluntarily assign, sell, donate, or in any other wayy convey his interest on the pship to 3rd persons & may even use___

Answer 6

such interest as collateral for a personal denbt althought in such as case, there is no alienation of the interest.

Question 7

1813: Effects of conveyance of a partner’s interest

Answer 7

1. conveyance DOES NOT of itself dissolve the pship. However, the partners who have not assigned their interest may be justified in bringing about the dissolution of the partnership.
2. the transfering partner shall CONTINUE to be a partner and shall enjoy the rights and be subject to the liabilities of a partner.
3. the assignee or transferee of the partner’s interest does not become a partner (unless all other Ps give their consent. )

Question 8

1813: In case of a dissolution of the partnership, the assignee is entitled ___-

Answer 8

to receive his assignor’s interest and may require an account from the date only of the last account agreed to by all the partners.

Question 9

1813: what are the rights of the assignee? (3)

Answer 9

1. receive the profits to whoch the assigning partner would otherwise be entitled.
2. avail himself of the usual remedies in case of fraud in management.
3. require an account from the date only of the last account agreed to by all the partners. (in case pship is dissolved)

Question 10

1814: The judgment creditot of a partner may ask the court to issue a CHARGING ORDER (an order attaching/levying the interest of a partner, for the satisfaction of the judgement,) However, ___

Answer 10

while it is allowed, pship creditors anjoy a preference over a preference over a partner’s proepety rights incuding his interest in the pship. Thus, an individual partner’s judgment creditor will receive payment only after pship liab have been satisfied.

Question 11

1814: refers to the payment of the amount due in order to dischare the lien on the interest charged. This will allow the partners to eliminate the potential threat of dissolution which ma be applied for by a purchaser or a partner’s interest in the case of a partnerhsip at will.

Answer 11

redemption

Question 12

1814: The interest charged may be redeemed at any time before foreclosure or in case of sale directed by the court

Answer 12

1. with the separate property of any one or more of the other partners
2. with the partnership property, by any one or more of the partners with the consent of all the partners whose interest are not so charged or sold.

Question 13

1814: In issuring the charging order, the court may

Answer 13

1. appoint a RECEIVER of the P’s share of the profits and other money due to him.
2. make all other orders, directions, accounts or inquiries.

Question 14

1814: The partner whose interest is charged may _____.

Answer 14

avail himself of the exemption laws since such interest is his personal property.