COMMENT

Note to Georgia Revised Uniform Limited Partnership Act This section provides that a partner's interest in the partnership is personal property and that a partner has no interest in specific property of the partnership.

Prior Georgia Law Sections 14-8-26 and 14-9A-49 provide that a partnership interest is personal property.

Comparison With Official RULPA Pursuant to Section 14-8-25, although a general partner owns specific partnership property nominally as a tenant in partnership, the incidents of this tenancy are such that, in effect, the property is owned by the partnership entity rather than by the partners. Section 14-9-701, like Section 17-701 of the Delaware Revised Uniform Limited Partnership Act, Del. Code Ann. tit. 6, Section 17-701 (Supp. 1986) takes this a step further by making it absolutely clear that a partner has no interest in specific property of a limited partnership.

Cross-References Assignment of partnership interest: § 14-9-702. Rights of creditor in partnership interest: § 14-9-703.

JUDICIAL DECISIONS

Financial payments to which a limited partner is entitled pursuant to statute or the partnership/certificate of formation is a chose in action. Prodigy Centers/Atlanta v. T-C Assocs., 269 Ga. 522, 501 S.E.2d 209 (1998).

RESEARCH REFERENCES