New York Consolidated Laws, Partnership Law - PTR § 73. Rights of retiring or estate of deceased partner when the business is continued

Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.

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.

Cite this article: FindLaw.com - New York Consolidated Laws, Partnership Law - PTR § 73. Rights of retiring or estate of deceased partner when the business is continued - last updated January 01, 2021 | https://codes.findlaw.com/ny/partnership-law/ptr-sect-73.html


FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

Copied to clipboard