O.C.G.A.

O.C.G.A. § 14-9-701 (2019)

Nature of partnership interest

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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

History

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

Annotations

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

CORPORATIONS & PARTNERSHIPS

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 and 14-9-701, the trusts were not entitled to an ownership interest in the home, which the part-

nership 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.

Notes of Decisions

Cited in 6 cases, 1997–2012 · leading case: Bloomfield v. Bloomfield, 646 S.E.2d 207 (Ga. 2007).

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Bloomfield v. Bloomfield, 646 S.E.2d 207 (Ga. 2007). · cites it 2× “OCGA§ 14-9-701 provides that “[a] partnership interest is personal property.”

Prodigy Centers/Atlanta v. T-C Assocs., 501 S.E.2d 209 (Ga. 1998). · cites it 2× “OCGA §§ 14-9-701; 14-9A-49. 4 See also Maxco, Inc.”

Trauner v. Thadikamalla (In re Thadikamalla), 481 B.R. 232 (Bankr. N.D. Ga. 2012). · cites it 2× “O.C.G.A. § 14-9-701. Further, the Beach Condos do not have co-owners; the Partnership holds title to the Beach Condos.”

Prodigy Centers/atlanta No. 1 L.P. Prodigy Centers No. 2 L.P. v. T-C Assocs., Ltd., Etc., United States of Am., 127 F.3d 1021 (11th Cir. 1997). · cites it 2× “51, 53-54 (1883); Black’s Law Dictionary 241 (6th ed.1990). Based on these definitions, the government argues that PCDC’s partnership interests are choses in action.”

Baker v. Baker, 627 S.E.2d 26 (Ga. 2006). · cites it 2× “This presumption is applicable here even though the check was drawn on the partnership’s account.”

Prodigy Centers v. T-C Assocs., 147 F.3d 1324 (11th Cir. 1998). · cites it 2× “Sims, 72 Ga. 51, 53-54 (1883); Black's Law Dictionary 241 (6th ed.”

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