§ 59-81. Procedure for purchase by surviving partner. - North Carolina Statutes

§59‑81.  Procedure for purchase by surviving partner.

(a)        Appraisal ofProperty. – The surviving partner may, if he so desire, make application to theclerk of the superior court of the county in which the partnership existed,after first giving notice to the executor or administrator of the time of thehearing of such application, for the appointment of three judicious,disinterested appraisers, one of whom may be named by the surviving partner,one by the representative of the deceased partner's estate, and the third namedby the two appraisers selected, whose duty it shall be to make out under oath afull and complete inventory and appraisement of the entire assets of thepartnership, including real estate if there be any, together with a schedule ofthe debts and liabilities thereof, and to deliver the same to the survivingpartner; they shall also deliver a copy to the executor or administrator, andfile a copy with the clerk of the court.

(b)        Surviving PartnerMay Purchase. – The surviving partner may, with the consent of the executor oradministrator of the deceased partner and the approval of the clerk of thesuperior court by whom such executor or administrator was appointed, purchasethe interest of such deceased partner in the partnership assets at theappraised value thereof, including the good will of the business, firstdeducting therefrom the debts and liabilities of the partnership, for cash orupon giving to the executor or administrator his promissory note or notes, withgood approved security, and satisfactory to the executor or administrator, forthe payment of the interest of such deceased partner in the partnership assets.

(c)        Surviving Partnerto Give Bond. – In case the surviving partner shall avail himself of theprivilege of purchasing such interest as provided for in this section, he shallgive bond to the executor or administrator with surety for the payment of thedebts and liabilities of the partnership, and for the performance of allcontracts for which the partnership is liable.

(d)        Sale of RealEstate. – In case of such sale of the real estate belonging to the partnership,the title to the real estate so purchased shall not pass until the sale thereofhas been reported to and confirmed by the clerk of the superior court of thecounty in which the partnership was located, in a special proceeding to whichthe widow and heirs at law or devisees of the deceased partner are duly madeparties. (1901, c. 640, s. 6; Rev., s. 2545; 1911, c. 12; C.S.,s. 3284.)