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NC General Statutes

N.C. Gen. Stat. § 59-51 (2026)

Partner accountable as a fiduciary

✓ current as of July 2026
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(a) Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct or liquidation of the partnership or from any use by him of its property.

(b) This section applies also to the representatives of a deceased  partner engaged in the liquidation of the affairs of the partnership as the personal representatives of the last surviving partner. (1941, c. 374, s. 21.)

 

Notes of Decisions
Cited in 14 cases (4 in the last 5 years), 1951–2025 · leading case: Compton v. Kirby, 577 S.E.2d 905 (N.C. Ct. App. 2003).
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Compton v. Kirby, 577 S.E.2d 905 (N.C. Ct. App. 2003). · cites it 2× “]” N.C. Gen. Stat. § 59-51 states: (a) Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct or liquidation of the…”
Peaseley v. Virginia Iron, Coal & Coke Co., 194 S.E.2d 133 (N.C. 1973). · cites it 3× “If partners, the survivors would be required by law, G.S. § 59-51, etc. to dissolve and to account.”
Silverman v. Miller (In Re Silverman), 155 B.R. 362 (Bankr. E.D.N.C. 1993). · cites it 4× “N.C.Gen.Stat. § 59-51. However, plaintiff concedes that he never joined the Stag Park Properties partnership, and the court independently finds no indication that Silverman ever became a co-owner in that venture.”
Lee v. Crosswhite (In Re Crosswhite), 91 B.R. 156 (Bankr. M.D. Fla. 1988). “N.C.Gen.Stat. § 59-51 entitled “Partner Accountable as a Fiduciary” states in part: (a) Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected…”
Reddington v. Thomas, 262 S.E.2d 841 (N.C. Ct. App. 1980). “The duty of a partner is defined by G.S. 59-51(a): “Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct or…”
McGurk v. Moore, 67 S.E.2d 53 (N.C. 1951). “G.S. 59-51; The American Law Institute: Restatement of the Law of Restitution, section 202.”
Chesson v. Rives, 2013 NCBC 49 (N.C. Bus. Ct. 2013). · cites it 2× “{33} Subsection 3 of section 59-52 permits an accounting claim for breach of fiduciary duty claims stated under section 59-51. Section 59-73 further grants partners accounting rights against “the person or partnership continuing the business” after a dissolution, unless the…”
Morris Int'l, Inc. v. Packer, 2021 Ncbc 66a (N.C. Bus. Ct. 2021). · cites it 3× “” N.C.G.S. § 59-51(a) (2019). 53. In connection with their Motion for Summary Judgment on this issue, PA&K and OBGP have submitted affidavits from both Packer and Poole who each testified that no assets of the Joint Venture were used in connection with the KPP Project.”
Cutter v. Vojnovic, 2023 NCBC 7 (N.C. Bus. Ct. 2023). · cites it 4× “Cutter initially advanced his claim for tortious interference with prospective economic advantage against Operating and Franchising as well as Vojnovic and see also N.C.G.S. § 59-51 (requiring every partner to “account to the partnership for any benefit, and hold as trustee for…”
Qian v. Zheng, 2025 NCBC 46 (N.C. Bus. Ct. 2025). · cites it 3× “§ 59-403)); N.C.G.S. § 59-51. Rather, Halifax contends that the Intervenors’ first claim for relief should be dismissed because (1) Intervenors’ breach of fiduciary duty claims are derivative in nature and Intervenors “cannot assert a demand and their vague, conclusory…”
Gillespie v. Majestic Transp., Inc., 2016 NCBC 67 (N.C. Bus. Ct. 2016). · cites it 2× “N.C. Gen. Stat. § 59-51 ; 1 A. Bromberg & L.”
Barnes v. Perry, 2018 NCBC 77 (N.C. Bus. Ct. 2018). · cites it 2× “The Complaint further alleges that Perry or the Perry Entities have improperly retained partnership profits generated by the properties.”
Show all 14 citing cases →
— N.C. Gen. Stat. § 59-51(a) — 3 cases
Silverman v. Miller (In Re Silverman), 155 B.R. 362 (Bankr. E.D.N.C. 1993). “N.C.Gen.Stat. § 59-51. However, plaintiff concedes that he never joined the Stag Park Properties partnership, and the court independently finds no indication that Silverman ever became a co-owner in that venture.”
Reddington v. Thomas, 262 S.E.2d 841 (N.C. Ct. App. 1980). “The duty of a partner is defined by G.S. 59-51(a): “Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct or…”
Morris Int'l, Inc. v. Packer, 2021 Ncbc 66a (N.C. Bus. Ct. 2021). “” N.C.G.S. § 59-51(a) (2019). 53. In connection with their Motion for Summary Judgment on this issue, PA&K and OBGP have submitted affidavits from both Packer and Poole who each testified that no assets of the Joint Venture were used in connection with the KPP Project.”
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