362.270 Nature of a partner's right in specific partnership property.

253 words·~1 min read·/ky/chapter-362/362-270

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A partner is co-owner with his partners of specific partnership property holding as a

tenant in partnership.

(2)The incidents of this tenancy are such that:

(a)A partner, subject to the provisions of KRS 362.150 to 362.360 and to any

agreement between the partners, has an equal right with his partners to possess

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.

(b)A partner'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.

(c)A partner's right in specific partnership property is not subject to attachment

or execution, except on a claim against the partnership. When partnership

property is attached for a partnership debt the partners, or any of them, or the

representatives of a deceased partner, cannot claim any right under the

homestead or exemption laws.

(d)On the death of a partner his right in specific partnership property vests in the

surviving partner or partners, except where the deceased was the last surviving

partner, when his right in such property vests in his legal representative. Such

surviving partner or partners, or the legal representative of the last surviving

partner, has no right to possess the partnership property for any but a

partnership purpose.

(e)A partner's right in specific partnership property is not subject to dower,

curtesy, or allowances to widows, widowers, heirs, or next of kin.