Kansas Statutes 58-2609. Bond of surviving partner
Terms Used In Kansas Statutes 58-2609
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Executor: A male person named in a will to carry out the decedent
- Executor: includes an administrator where the subject matter applies to an administrator. See Kansas Statutes 77-201
- Minor: means any person defined by Kan. See Kansas Statutes 77-201
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Before any surviving partner or partners shall be entitled to demand of the heirs at law of a deceased partner conveyances pursuant to Kan. Stat. Ann. §§ 58-2604 or to commence an action against minor heirs pursuant to Kan. Stat. Ann. § 58-2606, he or she shall give to the executor or administrator (if any) of such deceased partner a bond, in such sum and with such surety as the judge of the district court of the county where the lands or the greater part thereof are situate shall in writing thereon approve as sufficient, conditioned that after settlement of the partnership business and payment of the partnership debts, and final accounting with all surviving partners and all executors and administrators of deceased partners, he or she will pay to such executor or administrator such sums as may be found due from him or her; and if there be several surviving partners, each of them severally shall give a like bond, to be approved as aforesaid, or in default thereof such as do give bond shall have the sole control of the assets of the copartnership, and until a final accounting be alone entitled to receive any portion of the avails of the sale of said lands.