North Carolina General Statutes 59-72. Rights of retiring partner or estate of deceased partner when the business is continued
Terms Used In North Carolina General Statutes 59-72
- 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: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- 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.
When any partner retires or dies, and the business is continued under any of the conditions set forth in N.C. Gen. Stat. § 59-71, subsections (a), (b), (c), (e), (f), or N.C. Gen. Stat. § 59-68, subdivision (b)(2), without any settlement of accounts as between him or his estate and the person or partnership continuing the business, unless otherwise agreed, he or his legal representative as against such persons or partnership may have the value of his interest at the date of dissolution ascertained, and shall receive as an ordinary creditor an amount equal to the value of his interest in the dissolved partnership with interest, or, at his option or at the option of his legal representative, in lieu of interest, the profits attributable to the use of his right in the property of the dissolved partnership; provided that the creditors of the dissolved partnership as against the separate creditors, or the representative of the retired or deceased partner, shall have priority on any claim arising under this section, as provided by N.C. Gen. Stat. § 59-71, subsection (h). (1941, c. 374, s. 42.)