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This entry was published on 2014-09-22
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Continuance of partnership business during action for accounting
Partnership (PTR) CHAPTER 39, ARTICLE 6
§ 75. Continuance of partnership business during action for
accounting. In an action brought to dissolve a partnership, or for an
accounting between partners, or affecting the continued prosecution of
the business, the court may, in its discretion, by order, authorize the
partnership business to be continued, during the pendency of the action
by one or more of the partners, upon their executing and filing with the
clerk an undertaking, in such a sum and with such sureties as the order
prescribes, to the effect that they will obey all orders of the court,
in the action, and perform all things which the judgment therein
requires them to perform. The court may impose such other conditions as
it deems proper, and it may in its discretion at any time thereafter
require a new undertaking to be given. The court may also ascertain the
value of the partnership property, and of the interest of the respective
partners by a reference or otherwise, and may direct an accounting
between any of the partners; and the judgment may make such provision
for the payment to the retiring partners, for their interest, and with
respect to the rights of creditors, the title to the partnership
property, and otherwise, as justice requires, with or without the
appointment of a receiver, or a sale of the partnership property.