§ 7-12-36 - Nature of a partner's right in specific partnership property. - Rhode Island Statutes

SECTION 7-12-36

   § 7-12-36  Nature of a partner's right inspecific partnership property. – (a) A partner is co-owner with his or her partners of specific partnershipproperty holding as a tenant in partnership.

   (b) The incidents of this tenancy are such that:

   (1) A partner, subject to the provisions of §§7-12-12 – 7-12-55 and to any agreement between the partners, has an equalright with his or her partners to possess specific partnership property forpartnership purposes; but he or she has no right to possess the property forany other purpose without the consent of his or her partners.

   (2) A partner's right in specific partnership property is notassignable except in connection with the assignment of rights of all thepartners in the same property.

   (3) A partner's right in specific partnership property is notsubject to attachment or execution, except on a claim against the partnership.When partnership property is attached for a partnership debt the partners, orany of them, or the representatives of a deceased partner, cannot claim anyright under the exemption laws.

   (4) On the death of a partner his or her right in specificpartnership property vests in the surviving partner or partners, except wherethe deceased was the last surviving partner, when his or her right in theproperty vests in his or her legal representative. The surviving partner orpartners, or the legal representative of the last surviving partner, has noright to possess the partnership property for any but a partnership purpose.

   (5) A partner's right in specific partnership property is notsubject to dower, curtesy, or allowances to widows, heirs, or next of kin.