§ 59-67 – Right to wind up.
59-67. Right to wind up. Unless otherwise agreed the partners who have not wrongfully dissolved the partnership or the legal representative of the last surviving partner, not bankrupt, has the right to wind up the partnership affairs; provided, however, that any partner, his legal representative or his assignee, upon cause shown, may obtain winding up […]
§ 59-68 – Rights of partners to application of partnership property.
59-68. Rights of partners to application of partnership property. (a) When dissolution is caused in any way, except in contravention of the partnership agreement, each partner, as against his copartners and all persons claiming through them in respect of their interest in the partnership, unless otherwise agreed, may have the partnership property applied to discharge […]
§ 59-69 – Rights where partnership is dissolved for fraud or misrepresentation.
59-69. Rights where partnership is dissolved for fraud or misrepresentation. Where partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled, (1) To a lien on, or right of retention of, the surplus of […]
§ 59-70 – Rules for distribution.
59-70. Rules for distribution. In settling accounts between the partners after dissolution, the following rules shall be observed, subject to any agreement to the contrary: (1) The assets of the partnership are a. The partnership property, b. The contributions of the partners necessary for the payment of all the liabilities specified in subdivision (2) of […]
§ 59-71 – Liability of persons continuing the business in certain cases.
59-71. Liability of persons continuing the business in certain cases. (a) When any new partner is admitted into an existing partnership, or when any partner retires and assigns (or the representative of the deceased partner assigns) his rights in partnership property to two or more of the partners, or to one or more of the […]
§ 59-72 – Rights of retiring partner or estate of deceased partner when the business is continued.
59-72. Rights of retiring partner or estate of deceased partner when the business is continued. When any partner retires or dies, and the business is continued under any of the conditions set forth in G.S. 59-71, subsections (a), (b), (c), (e), (f), or G.S. 59-68, subdivision (b)(2), without any settlement of accounts as between him […]
§ 59-73 – Accrual of actions.
59-73. Accrual of actions. The right to an account of his interest shall accrue to any partner, or his legal representative, as against the winding up partners or the surviving partners or the person or partnership continuing the business, at the date of dissolution, in the absence of any agreement to the contrary. (1941, c. […]
§ 59-61 – Causes of dissolution.
59-61. Causes of dissolution. Dissolution is caused: (1) Without violation of the agreement between the partners, a. By the termination of the definite term or particular undertaking specified in the agreement, b. By the express will of any partner when no definite term or particular undertaking is specified, c. By the express will of all […]
§ 59-62 – Dissolution by decree of court.
59-62. Dissolution by decree of court. (a) On application by or for a partner the court shall decree a dissolution whenever: (1) A partner has been adjudicated incompetent or is shown to be of unsound mind, (2) A partner becomes in any other way incapable of performing his part of the partnership contract, (3) A […]
§ 59-47 – Liability of incoming partner.
59-47. Liability of incoming partner. A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though he had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of partnership property. (1941, c. 374, […]