North Carolina General Statutes 59-63. General effect of dissolution on authority of partner
Current as of: 2024 | Check for updates
|
Other versions
Except so far as may be necessary to wind up partnership affairs or to complete transactions begun but not then finished, dissolution terminates all authority of any partner to act for the partnership,
(1) With respect to the partners,
a. When the dissolution is not by the act, bankruptcy or death of a partner; or
b. When the dissolution is by such act, bankruptcy or death of a partner, in cases where N.C. Gen. Stat. § 59-64 so requires,
Terms Used In North Carolina General Statutes 59-63
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
(2) With respect to persons not partners, as declared in N.C. Gen. Stat. § 59-65 (1941, c. 374, s. 33.)