Editor's notes.

- The use of the term "tangible personal property" in the official report of the Maxco case, resulted from a clerical error. By order of the Supreme Court reported at 251 Ga. 892, the term "intangible personal property" was substituted for "tangible personal property." Therefore, the annotation to Maxco which follows has been rewritten.

Limited partner holds intangible personal property interest.

- A limited partnership is a legal entity and authorized to hold title to real property in its own name. As such a legal entity, the limited partnership is entirely separate and apart from its partners; and the property interest held by a limited partner is intangible personal property. A limited partner owns an interest in the legal entity but holds no title to the assets of the partnership. Any benefit to the limited partners stemming from the assets of the limited partnership is indirect. Maxco, Inc. v. Volpe, 247 Ga. 212, 274 S.E.2d 561 (1981).

Limited partner's interest in partnership is a personal property interest but does not vest limited partner with title to assets of partnership. Havik, Inc. v. Theodore H. Smyth Family Trust, 14 Bankr. 635 (Bankr. N.D. Ga. 1981).

Judgment against limited partner does not create lien against that partner's partnership interest. Harris v. C.C. Dickson, Inc. (In re Smith), 17 Bankr. 541 (Bankr. M.D. Ga. 1982).

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).

Cited in Hill v. L/A Mgt. Corp., 234 Ga. 341, 216 S.E.2d 97 (1975); Hirsch v. Equilateral Assocs., 245 Ga. 373, 264 S.E.2d 885 (1980).

Am. Jur. 2d.

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

C.J.S.

- 68 C.J.S., Partnership, § 556 et seq.

U.L.A.

- Uniform Limited Partnership Act (U.L.A.) § 18.