NC General Statutes

N.C. Gen. Stat. § 59-54 (2026)

Extent of property rights of a partner

✓ current as of July 2026

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The property rights of a partner are:

(1) His right in specific partnership property,

(2) His interest in the partnership, and

(3) His right to participate in the management. (1941, c. 374, s. 24.)

Notes of Decisions

Cited in 4 cases, 1955–2016 · leading case: Magers v. Thomas (In Re Vannoy), 176 B.R. 758 (Bankr. M.D.N.C. 1994).

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Magers v. Thomas (In Re Vannoy), 176 B.R. 758 (Bankr. M.D.N.C. 1994). · cites it 6× “The “property rights” of a partner are described in G.S. § 59-54 as follows: (1) his right in specific partnership property; (2) his interest in the partnership; and (3) his right to participate in the management.”

Simmons v. Quick-Stop Food Mart, Inc., 296 S.E.2d 275 (N.C. 1982). · cites it 2× “” N.C. Gen. Stat. § 59-54 (1975). As regards his right in specific partnership property, each partner is deemed a co-owner with his other partners as tenants in partnership.”

Ewing v. Caldwell, 89 S.E.2d 774 (N.C. 1955). “” G.S. 59-54. As to specific partnership property, a partner is co-owner with his partners, “holding as a tenant in partnership.”

Gillespie v. Majestic Transp., Inc., 2016 NCBC 67 (N.C. Bus. Ct. 2016). · cites it 2× “N.C. Gen. Stat. §§ 59-54 - 59-56. Furthermore, Gillespie, as a general partner, has equal rights in the management and conduct of the partnership business that a limited partner generally does not possess (absent authority expressly granted by a partnership agreement).”

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