§ 7-12-53 - Rights of retiring or estate of deceased partner when the business is continued. - Rhode Island Statutes

SECTION 7-12-53

   § 7-12-53  Rights of retiring or estate ofdeceased partner when the business is continued. – When any partner retires or dies, and the business is continued under any ofthe conditions described in subsections (a), (b), (c), (e) or (f) of §7-12-52, or § 7-12-49(b)(2), without any settlement of accounts as betweenhim or her or his or her estate and the person or partnership continuing thebusiness, unless otherwise agreed, he or she or his or her legal representativeas against the persons or partnership may have the value of his or her interestat the date of dissolution ascertained, and shall receive as an ordinarycreditor an amount equal to the value of his or her interest in the dissolvedpartnership with interest, or, at his or her option or at the option of his orher legal representative, in lieu of interest, the profits attributable to theuse of his or her right in the property of the dissolved partnership; provided,that the creditors of the dissolved partnership as against the separatecreditors, or the representative of the retired or deceased partner, havepriority on any claim arising under this section as provided by §7-12-52(h).