Tennessee Code 66-1-108 – Survivorship in partnership property
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 66-1-108
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
Nothing in § 66-1-107 is intended to affect the right of a surviving partner to the joint property of the firm to settle the partnership business; such partner shall account with the heirs and personal representatives of the deceased partner for the surviving partner’s share in the surplus.