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This entry was published on 2014-09-22
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Rights of retiring or estate of deceased partner when the business is continued
Partnership (PTR) CHAPTER 39, ARTICLE 6
§ 73. Rights of retiring or estate of deceased partner when the
business is continued. When any partner retires or dies, and the
business is continued under any of the conditions set forth in section
seventy-two, subdivisions one, two, three, five and six, or section
sixty-nine, paragraph (b) of subdivision two, without any settlement of
accounts as between him or his estate and the person or partnership
continuing the business, unless otherwise agreed, he or his legal
representative as against such persons or partnership may have the value
of his interest at the date of dissolution ascertained, and shall
receive as an ordinary creditor an amount equal to the value of his
interest in the dissolved partnership with interest, or, at his option
or at the option of his legal representative, in lieu of interest, the
profits attributable to the use of his right in the property of the
dissolved partnership; provided that the creditors of the dissolved
partnership as against the separate creditors, or the representative of
the retired or deceased partner, shall have priority on any claim
arising under this section, as provided by section seventy-two,
subdivision eight of this chapter.