NRS 87.250 Nature of partner’s right in specific property of partnership.

276 words·~1 min read·/nv/chapter-87-partnerships/87-250

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 the other 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 NRS 87.010 to 87.430 , inclusive, and to any agreement between the partners, has an equal right with the other partners to possess specific partnership property for partnership purposes; but a partner has no right to possess such property for any other purpose without the consent of the other 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 or her right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his or her right in such property vests in his or her 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.