358.420. Rights of retiring or estate of deceased partner when the business is continued. - Missouri Statutes

Rights of retiring or estate of deceased partner when the businessis continued.

358.420. When any partner retires or dies, and the businessis continued under any of the conditions set forth in subsections1, 2, 3, 4, 5, and 6 of section 358.410, or subdivision (2) ofsubsection 2 of section 358.380 without any settlement ofaccounts as between him or his estate and the person orpartnership continuing the business, unless otherwise agreed, heor his legal representative as against such persons orpartnership may have the value of his interest at the date ofdissolution ascertained, and shall receive as an ordinarycreditor an amount equal to the value of his interest in thedissolved partnership with interest, or, at his option or at theoption of his legal representative, in lieu of interest, theprofits attributable to the use of his right in the property ofthe dissolved partnership; provided that the creditors of thedissolved partnership as against the separate creditors, or therepresentative of the retired or deceased partner, shall havepriority on any claim arising under this section, as provided bysubsection 8 of section 358.410.

(L. 1949 p. 506 § 42)