8364 - Rights of retiring partner or estate of deceased partner when business is continued. - Pennsylvania Statutes

§ 8364. Rights of retiring partner or estate of deceased partner when business is continued. When any partner retires or dies and the business is continued under any of the conditions set forth in section 8360(b)(2) (relating to dissolution in contravention of agreement) or 8363(a), (b), (c), (e) and (f) (relating to liability of persons continuing the business) 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 except 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 section 8363(h).