(1) A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
(2) The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of KRS 362.150 to 362.360 and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners.
(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property.
(c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.
(d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.
(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, widowers, heirs, or next of kin. Effective: June 26, 2007 History: Repeal the prior repeal contained in 2006 Ky. Acts ch. 149, sec. 239, which was to have been effective January 1, 2008, 2007 Ky. Acts ch. 137, sec. 180, effective June 26, 2007. -- Repealed 2006 Ky. Acts ch. 149, sec. 239, effective January 1, 2008. -- Amended 1974 Ky. Acts ch. 386, sec. 67. -- Created 1954 Ky. Acts ch. 38, sec. 25, effective June 17, 1954.
Notes of Decisions
Cited in
4
cases (
2 in the last 5 years), 1988–2021 · leading case:
Baker v. Weinberg, 266 S.W.3d 827 (Ky. Ct. App. 2008).
Baker v. Weinberg, 266 S.W.3d 827 (Ky. Ct. App. 2008).
“Martin Partnership interests so as to qualify as assign *833 ees of the lease; (3) KRS 362.270(2)(b) (A partner’s right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property) prevents the…”
Dreisbach v. Eifler, 764 S.W.2d 631 (Ky. Ct. App. 1988).
“A partner cannot sell their interest in specific partnership property, as stated in KRS 362.270, “Nature of a Partner’s Right in Specific Partnership Property.”
Markos v. Karvounis (W.D. Ky. 2021).
· cites it 3× “Finally, in the plaintiffs’ sur-reply, [DN 22], Plaintiffs assert that the Kentucky statutes do not permit Karvounis to transfer the real estate to himself because such possession of the property is not for a partnership purpose under KRS 362.270. Id. at 1-2. Plaintiffs point to…”
Hannah v. Mullins (S.D.W. Va 2021).
“235(1); KRS § 362.270). With a business valuation of $266,667.”
— Ky. Rev. Stat. § 362.270(2)(a) — 1 case
Markos v. Karvounis (W.D. Ky. 2021).
“Finally, in the plaintiffs’ sur-reply, [DN 22], Plaintiffs assert that the Kentucky statutes do not permit Karvounis to transfer the real estate to himself because such possession of the property is not for a partnership purpose under KRS 362.270. Id. at 1-2. Plaintiffs point to…”
— Ky. Rev. Stat. § 362.270(2)(b) — 1 case
Baker v. Weinberg, 266 S.W.3d 827 (Ky. Ct. App. 2008).
“Martin Partnership interests so as to qualify as assign *833 ees of the lease; (3) KRS 362.270(2)(b) (A partner’s right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property) prevents the…”
— Ky. Rev. Stat. § 362.270(2)(d) — 1 case
Markos v. Karvounis (W.D. Ky. 2021).
“Finally, in the plaintiffs’ sur-reply, [DN 22], Plaintiffs assert that the Kentucky statutes do not permit Karvounis to transfer the real estate to himself because such possession of the property is not for a partnership purpose under KRS 362.270. Id. at 1-2. Plaintiffs point to…”
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