358.250. Nature of a partner's right in specific partnership property. - Missouri Statutes

Nature of a partner's right in specific partnership property.

358.250. 1. A partner is co-owner with his partners of specificpartnership property holding as a tenant in partnership.

2. The incidents of this tenancy are such that:

(1) A partner, subject to the provisions of this law and to anyagreement between the partners, has an equal right with his partners topossess specific partnership property for partnership purposes; but he has noright to possess such property for any other purpose without the consent ofhis partners.

(2) A partner's right in specific partnership property is not assignableexcept in connection with the assignment of rights of all the partners in thesame property.

(3) A partner's right in specific partnership property is not subject toattachment or execution, except on a claim against the partnership. Whenpartnership property is attached for a partnership debt the partners, or anyof them, or the representatives of a deceased partner, cannot claim any rightunder the homestead or exemption laws.

(4) On the death of a partner his right in specific partnership propertyvests in the surviving partner or partners, except where the deceased was thelast surviving partner, when his right in such property vests in his legalrepresentative. Such surviving partner or partners, or the legalrepresentative of the last surviving partner, has no right to possess thepartnership property for any but a partnership purpose.

(5) A partner's right in specific partnership property is not subject todower, curtesy, or allowances to widows, heirs, or next of kin.

(L. 1949 p. 506 § 25)

(1952) Partnership funds on deposit in a bank are not subject to garnishment for the individual debts of a partner. Hilke v. Bank of Washington (A.), 251 S.W.2d 963.