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2018 Georgia Code 14-9-701 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 14-9-701 Case Law from Google Scholar Amendments to OCGA 14-9-701

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 9. Revised Uniform Limited Partnership Act, 14-9-100 through 14-9-1204.

ARTICLE 7 PARTNERSHIP INTERESTS

14-9-701. Nature of partnership interest.

A partnership interest is personal property. A partner has no interest in specific partnership property.

(Code 1981, §14-9-701, enacted by Ga. L. 1988, p. 1016, § 1.)

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).

Home no longer owned by partnership.

- In a divorce case, it was error to award ownership interests in a home to separate trusts for the parties' three children; under both a partnership agreement and O.C.G.A. §§ 14-9-605 and14-9-701, the trusts were not entitled to an ownership interest in the home, which the partnership no longer owned, but to cash compensation. Bloomfield v. Bloomfield, 282 Ga. 108, 646 S.E.2d 207 (2007).

Cited in Prodigy Centers/Atlanta v. T-C Assocs., 127 F.3d 1021 (11th Cir. 1997).

RESEARCH REFERENCES

Am. Jur. 2d.

- 59A Am. Jur. 2d, Partnership, § 820 et seq.

C.J.S.

- 68 C.J.S., Partnership, §§ 583 et seq.

Cases Citing O.C.G.A. § 14-9-701

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Bloomfield v. Bloomfield, 646 S.E.2d 207 (Ga. 2007).

Cited 36 times | Published | Supreme Court of Georgia | Jun 4, 2007 | 282 Ga. 108, 2007 Fulton County D. Rep. 1703

...d be compensated for their partnership interests. Because of this concession, Husband cannot now contend that the children's trusts should receive no compensation. The question then becomes, however, what the nature of this compensation may be. OCGA § 14-9-701 provides that "[a] partnership interest is personal property....
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Prodigy Centers/Atlanta v. T-C Assocs., 501 S.E.2d 209 (Ga. 1998).

Cited 22 times | Published | Supreme Court of Georgia | Jun 8, 1998 | 269 Ga. 522, 98 Fulton County D. Rep. 1934

...Water Processing Co. v. Southern Builders, 248 Ga. 597, 285 S.E.2d 21 (1981)), where the Court of Appeals noted that "[t]he chose in action is the right of the creditor to be paid...." A partnership interest in a limited partnership is personal property. OCGA § 14-9-701; OCGA § 14-9A-49....
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Baker v. Baker, 627 S.E.2d 26 (Ga. 2006).

Cited 2 times | Published | Supreme Court of Georgia | Feb 27, 2006 | 280 Ga. 299, 2006 Fulton County D. Rep. 577

...the child." OCGA § 44-5-84. This presumption is applicable here even though the check was drawn on the partnership's account. Although the individual partners in a limited partnership do not have any interest in specific partnership property, OCGA § 14-9-701, and "a partnership is treated as a legal entity for certain purposes ..., nevertheless, a partnership [actually] has no legal entity aside from that of its partners....