PROPERTY RIGHTS OF A PARTNER.

MCL ch. 449, subtit. Act 72 of 1917, pt. V

in effect

MCL 449.24 Partner; extent of property rights.

449.24. Partner; extent of property rights. Sec. 24. (Extent of property rights of a partner). The property rights of a partner are (1) his rights in specific partnership property, (2) his interest in the partnership, and (3) his right to participate in the management. 1917, Act 72, Eff. Aug. 10, 1917; CL 1929, 9864; CL 1948, 449.24

MCL 449.25 Partner; rights in specific partnership property.

449.25. Partner; rights in specific partnership property. Sec. 25. (Nature of a partner's right in specific partnership property). (1) A partner is a 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 this act 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 the 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, heirs, or next of kin. 1917, Act 72, Eff. Aug. 10, 1917; CL 1929, 9865; CL 1948, 449.25

MCL 449.26 Partner; interest in partnership as personal property.

449.26. Partner; interest in partnership as personal property. Sec. 26. (Nature of partner's interest in the partnership). A partner's interest in the partnership is his share of the profits and surplus, and the same is personal property. 1917, Act 72, Eff. Aug. 10, 1917; CL 1929, 9866; CL 1948, 449.26

MCL 449.27 Partner's interest; assignment, effect.

449.27. Partner's interest; assignment, effect. Sec. 27. (Assignment of partner's interest). (1) A conveyance by a partner of his interest in the partnership does not of itself dissolve the partnership, nor, as against the other partners in the absence of agreement, entitle the assignee, during the continuance of the partnership, to interfere in the management or administration of the partnership business or affairs, or to require any information or account of partnership transactions, or to inspect the partnership books; but it merely entitles the assignee to receive in accordance with his contract the profits to which the assigning partner would otherwise be entitled; (2) In case of a dissolution of the partnership, the assignee is entitled to receive his assignor's interest and may require an account from the date only of the last account agreed to by all the partners. 1917, Act 72, Eff. Aug. 10, 1917; CL 1929, 9867; CL 1948, 449.27

MCL 449.28 Partner's interest; subject to charging order.

449.28. Partner's interest; subject to charging order. Sec. 28. (Partner's interest subject to charging order). (1) On due application to a competent court by any judgment creditor of a partner, the court which entered the judgment, order, or decree, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount of such judgment debt with interest thereon; and may then or later appoint a receiver of his share of the profits, and of any other money due or to fall due to him in respect of the partnership, and make all other orders, directions, accounts and inquiries which the debtor partner might have made, or which the circumstances of the case may require; (2) The interest charged may be redeemed at any time before foreclosure or in case of a sale being directed by the court may be purchased without thereby causing a dissolution: (a) With separate property, by any 1 or more of the partners, or (b) With partnership property, by any 1 or more of the partners with the consent of all the partners whose interests are not so charged or sold; (3) Nothing in this act shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership. 1917, Act 72, Eff. Aug. 10, 1917; CL 1929, 9868; CL 1948, 449.28

Source: Michigan Legislature (legislature.mi.gov)URL: https://legislature.mi.gov/documents/mcl/Chapter%20449.xmlFetched: 10/20/2026