178.21 Property rights of partner. - Wisconsin Statutes

178.21

178.21 Property rights of partner.

178.21(1)

(1) The property rights of a partner are that partner's rights in specific partnership property, that partner's interest in the partnership, and his or her right to participate in the management.

178.21(2)

(2) A partner is co-owner with the other partners of specific partnership property holding as a tenant in partnership.

178.21(3)

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

178.21(3)(a)

(a) A partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with the other partners to possess specific partnership property for partnership purposes; but a partner has no right to possess such property for any other purpose without the consent of the other partners.

178.21(3)(b)

(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of the rights of all the partners in the same property.

178.21(3)(c)

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

178.21(3)(d)

(d) On the death of a partner the partner's right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when the partner's right in such property vests in the partner's legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.

178.21(3)(e)

(e) A partner's right in specific partnership property is not subject to elective rights under s. 861.02 (1) of a surviving spouse or to allowances to a surviving spouse, heirs, or next of kin.

178.21 - ANNOT.

History: 1975 c. 94 s. 91 (6); 1975 c. 200; 1983 a. 186; 1985 a. 37; 1987 a. 393 s. 53; 1993 a. 213, 482; 1997 a. 188.

178.21 - ANNOT.

NOTE: As to sub. (3) (e), see notes in 1985 Wis. Act 37, marital property trailer bill.