Mich. Comp. Laws » Michigan Compiled Laws / Chapter 449 / Act 72 of 1917
Michigan Compiled Laws

Mich. Comp. Laws § 449.42 (2026)

Dissolution; rights of retiring or deceased partner when business continued.

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UNIFORM PARTNERSHIP ACT


Act 72 of 1917


449.42 Dissolution; rights of retiring or deceased partner when business continued.

Sec. 42.

    (Rights of retiring or estate of deceased partner when the business is continued). When any partner retires or dies, and the business is continued under any of the conditions set forth in section 41(1, 2, 3, 5, 6), or section 38(2b), without any settlement of accounts as between him or his estate and the person or partnership continuing the business, unless otherwise agreed, he or his legal representative as against such persons or partnership may have the value of his interest at the date of dissolution ascertained and shall receive as an ordinary creditor an amount equal to the value of his interest in the dissolved partnership with interest, or, at his option or at the option of his legal representative, in lieu of interest, the profits attributable to the use of his right in the property of the dissolved partnership: Provided, That the creditors of the dissolved partnership as against the separate creditors, or the representative of the retired or deceased partner, shall have priority on any claim arising under this section, as provided by section 41(8) of this act.

History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9882 ;-- CL 1948, 449.42

Notes of Decisions
Cited in 4 cases, 1950–2007 · leading case: Lorillard Tobacco Co. v. Van Dyke Liquor Mkt., Inc., 471 F. Supp. 2d 822 (E.D. Mich. 2007).
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Lorillard Tobacco Co. v. Van Dyke Liquor Mkt., Inc., 471 F. Supp. 2d 822 (E.D. Mich. 2007). · cites it 2× “Law section 449.42; and (5) Plaintiff does not have standing to use under the MCPA.”
Wiltse v. Schaeffer, 42 N.W.2d 91 (Mich. 1950). “It may be noted in this connection that CL 1948, § 449.42 (Stat Ann § 20.42) provides that in the event of the death of a partner, his legal representative, unless otherwise agreed, may have the value of the interest of- such deceased partner determined as of the date of…”
Wanderski v. Nowakowski, 49 N.W.2d 139 (Mich. 1951). “” (CL 1948, § 449.42 [Stat Ann § 20.42]). In the instant case the parties by their written agreement fixed the date of dissolution as of April 1, 1948.”
Clements v. Clements, 139 N.W.2d 918 (Mich. Ct. App. 1966). “” CL 1948, § 449.42 (Stat Ann 1964 Rev § 20.42.) The court relied upon the testimony of plaintiff’s expert in arriving at his decision concerning the value of the deceased partner’s interest in the partnership at the time of death.”
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