48-1-22. Nature of a partner's right in specific partnership property.
(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 this chapter 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 representative 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 representatives. Such surviving partner or partners, or the
legal representatives 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, heirs or next of kin.
No Change Since 1953
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Last revised: Wednesday, July 23, 2008