Hawaii Revised Statutes 425-10 – Taxes, etc., a prior lien on partnership property on dissolution
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Terms Used In Hawaii Revised Statutes 425-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
Upon dissolution of a general partnership, any lawful taxes, imposts, license fees or assessments for which the partnership, or any partner in respect thereof, is liable shall constitute a prior lien upon the assets of the partnership but not as against the interest of those creditors who have prior recorded liens.