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NC General Statutes

N.C. Gen. Stat. § 59-56 (2026)

Nature of partner's interest in the partnership

✓ current as of July 2026
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A partner's interest in the partnership is his share of the profits and surplus, and the same is personal property. (1941, c. 374, s. 26.)

 

Notes of Decisions
Cited in 7 cases, 1955–2013 · leading case: Potter v. Homestead Pres. Ass'n, 412 S.E.2d 1 (N.C. 1992).
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Potter v. Homestead Pres. Ass'n, 412 S.E.2d 1 (N.C. 1992). · cites it 3× “N.C.G.S. § 59-56 (1989); Bright v. Williams, 245 N.”
Magers v. Thomas (In Re Vannoy), 176 B.R. 758 (Bankr. M.D.N.C. 1994). · cites it 2× “§ 59-54, reference must be had to G.S. § 59-56 which provides: “A partner’s interest in the partnership is his share of the profits and surplus, and the same is personal property.”
Ludwig v. Walter, 331 S.E.2d 177 (N.C. Ct. App. 1985). · cites it 2× “§ 5940 (c) (1982), which recognizes that partnership property may be held by one but not all partners, read in conjunction with N.C. Gen. Stat. § 59-56 (1982), which makes a partner’s interest in partnership property, even real property, a personal property interest, plaintiff…”
Ewing v. Caldwell, 89 S.E.2d 774 (N.C. 1955). “” G.S. 59-56. (Italics added.) Dr. William Draper Lewis, the draftsman of the Uniform Partnership Act, has pointed out clearly the reasons for adoption of the English rule, to wit, that a partner’s interest in the partnership is personal property, irrespective of the physical…”
Bright v. Williams, 97 S.E.2d 247 (N.C. 1957). “G.S. 59-56. Hence upon the death of the partners, their respective personal representatives were properly made parties to prosecute and defend on behalf of their intestates.”
Chesson v. Rives, 2013 NCBC 49 (N.C. Bus. Ct. 2013). “Section 59-73 further grants partners accounting rights against “the person or partnership continuing the business” after a dissolution, unless the partners agreed otherwise. N.C. Gen. Stat. § 59-73 . Defendants suggest that Dean v.”
Stanford v. Paris, 703 S.E.2d 488 (N.C. Ct. App. 2011). · cites it 2× “2d 247, 250 (1957) (determining that a partner’s interest in a partnership is personal property, even when part of a partnership’s assets is real estate) (citing N.C. Gen. Stat. § 59-56 )); see, e.g., Morrison v.”
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