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Call Now: 904-383-7448The property rights of a partner are:
(Code 1981, §14-8-24, enacted by Ga. L. 1984, p. 1439, § 1.)
Note to Uniform Partnership Act This section differentiates the three property rights of a partner.
Prior Georgia Law There was no comparable provision.
Official UPA This section is the same as the official version.
Cross-References Partner's management rights: § 14-8-18(5), (7) and (8). Partner's rights in specific partnership property: § 14-8-25. Definition of partner's interest in the partnership: § 14-8-26. Assignment of partner's interest in the partnership: § 14-8-27. Creditor's rights in partner's interest in the partnership: § 14-8-28.
- In light of the similarity of the statutory provisions, decisions under former Civil Code 1910, Code 1933, §§ 75-204, 75-206, 75-207 and former Code Sections 14-8-43 and 14-8-45, in effect prior to the 1984 repeal and reenactment of this chapter, are included in the annotations to this Code section.
Individual interest of a partner in partnership assets is no more than the partner's interest in the surplus effects of the partnership that remain after all the debts of the partnership have been discharged. Commercial Bank v. Watt, 178 Ga. 615, 173 S.E. 394 (1934) (decided under former Code 1933).
- Purchaser can acquire as against other partners no greater interest in a partnership as such than a selling partner would be entitled to upon final accounting had between the original partners. Stone v. First Nat'l Bank, 117 Ga. App. 802, 162 S.E.2d 217 (1968) (decided under former Code 1933, § 75-204).
- In a joint-stock company there is no delectus personae as in an ordinary partnership. Hammond v. Otwell, 170 Ga. 832, 154 S.E. 357 (1930) (decided under former Civil Code 1910).
Cited in Harris v. Escoe (In re Woolston), 147 Bankr. 279 (Bankr. M.D. Ga. 1992).
Both partnership and partners have insurable interest in property of partnership. Georgia Farm Bureau Mut. Ins. Co. v. Mikell, 126 Ga. App. 640, 191 S.E.2d 557 (1972) (decided under former Code 1933, §§ 75-206, 75-207).
Partner has an insurable interest in firm property which will support a policy taken out thereon for his own benefit. He has an actual, lawful, and substantial economic interest in preservation of his firm's property. Georgia Farm Bureau Mut. Ins. Co. v. Mikell, 126 Ga. App. 640, 191 S.E.2d 557 (1972) (decided under former Code 1933, §§ 75-206, 75-207).
Insurance apparently made for individual partner may be shown to have been for benefit of partnership if the parties deal on that basis, or if the entity entitled to the insurance so authorizes or ratifies the action. Georgia Farm Bureau Mut. Ins. Co. v. Mikell, 126 Ga. App. 640, 191 S.E.2d 557 (1972) (decided under former Code 1933, §§ 75-206, 75-207).
- 59A Am. Jur. 2d, Partnership, § 256 et seq.
- 68 C.J.S., Partnership, § 135 et seq.
- Duty of joint adventurers inter se in respect of acquisition or renewal of property rights or interests related to the enterprise, 62 A.L.R. 13.
Total Results: 1
Court: Supreme Court of Georgia | Date Filed: 1998-06-08
Citation: 501 S.E.2d 209, 269 Ga. 522, 98 Fulton County D. Rep. 1934, 1998 Ga. LEXIS 622
Snippet: management of the limited partnership. OCGA § 14-8-24. 3. From the above, it can be seen that, where