§ 59-31 North Carolina Uniform Partnership Act
§ 59-32 Definition of terms
§ 59-33 Interpretation of knowledge and notice
§ 59-34 Rules of construction
§ 59-35 Rules for cases not provided for in this Act
§ 59-35.1 Filing of documents
§ 59-35.2 Filing, service, and copying fees
§ 59-36 Partnership defined
§ 59-37 Rules for determining the existence of a partnership
§ 59-38 Partnership property
§ 59-39 Partner agent of partnership as to partnership business
§ 59-39.1 Act, admission or acknowledgment by partner
§ 59-40 Conveyance of real property of the partnership
§ 59-41 Partnership bound by admission of partner
§ 59-42 Partnership charged with knowledge of or notice to partner
§ 59-43 Partnership bound by partner’s wrongful act
§ 59-44 Partnership bound by partner’s breach of trust
§ 59-45 Nature of partner’s liability in ordinary partnerships and in registered limited liability partnerships
§ 59-46 Partner by estoppel
§ 59-47 Liability of incoming partner
§ 59-48 Rules determining rights and duties of partners
§ 59-49 Partnership books
§ 59-50 Duty of partners to render information
§ 59-51 Partner accountable as a fiduciary
§ 59-52 Right to an account
§ 59-53 Continuation of partnership beyond fixed term
§ 59-54 Extent of property rights of a partner
§ 59-55 Nature of a partner’s right in specific partnership property
§ 59-56 Nature of partner’s interest in the partnership
§ 59-57 Assignment of partner’s interest
§ 59-58 Partner’s interest subject to charging order
§ 59-59 Dissolution defined
§ 59-60 Partnership not terminated by dissolution
§ 59-61 Causes of dissolution
§ 59-62 Dissolution by decree of court
§ 59-63 General effect of dissolution on authority of partner
§ 59-64 Right of partner to contribution from copartners after dissolution
§ 59-65 Power of partner to bind partnership to third persons after dissolution; publication of notice of dissolution
§ 59-66 Effect of dissolution on partner’s existing liability
§ 59-67 Right to wind up
§ 59-68 Rights of partners to application of partnership property
§ 59-69 Rights where partnership is dissolved for fraud or misrepresentation
§ 59-70 Rules for distribution
§ 59-71 Liability of persons continuing the business in certain cases
§ 59-72 Rights of retiring partner or estate of deceased partner when the business is continued
§ 59-73 Accrual of actions
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Terms Used In North Carolina General Statutes > Chapter 59 > Article 2 - Uniform Partnership Act

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dower: A widow
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Grantor: The person who establishes a trust and places property into it.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3