New Hampshire Revised Statutes 568:47 – Effect; Procedure
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Terms Used In New Hampshire Revised Statutes 568:47
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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.
The insolvency of a partnership shall render each partner insolvent within the meaning of this chapter, and his property not exempt from attachment, books and papers shall pass to the messenger and assignee appointed in the partnership proceedings; but the assignee shall be nominated by the partnership creditors. The expenses of the proceedings shall be deducted from the whole amount received by the assignee. The net proceeds of the partnership and individual property shall be distributed among the creditors of the firm and the creditors of the individual partners according to the rules of equity in such cases.