That settlement became obsolete when Prudential agreed to sell the partnership assets.

I didn't see any reason why they should be a part of the partnership assets and be ruled uncollectable by a court.

The interest itself has no spendable value and creditors at best could only attack this interest, not the partnership assets themselves.

I'll get all the partnership assets.

Part of the partnership assets are those IOU's.

The fund typically buys private finance initiative and public-private partnership assets after construction for their long-term cashflows.

Ann and Barry are equal partners in a business partnership - each have a 50 per cent share in the partnership assets.

Still, there is admittedly some sort of proprietary nexus (however vague and ill-defined) between the partnership assets and the parents.

Realization and distribution of partnership assets will occur after the dissolution has been brought into effect and all outstanding debts have been settled.

The seizure of partnership assets was usually carried out by the sheriff, who would go down to the partnership's place of business and shut it down.

The partnership said the agreements were attempts to avert lengthy litigation between the bondholders and limited partners over disposition of the partnership assets.

"So, if the general partner sells the property and absconds with the money," she said, "the limited partners cannot press criminal charges for theft of partnership assets.

If the partnership is dissolved, this may well give rise to chargeable gains on the individual partners on disposal, or deemed disposal, of partnership assets.

"Mr. Bealmear is first required to go after partnership assets before he can seek to go after the personal assets of the partners," Mr. Finder said.

After the deaths of the three Buchanan brothers, the Buchanan Brothers Company was formed to take over the partnership assets, and it was run by a local manager until 1901.

Aggregate Concept An aggregate concept looks at a partnership as a collection of partners and treats each partner as if he owned an undivided interest in the partnership assets and its operations.

Then, last fall, the Granada Corporation arranged for the remaining partnership assets to be transferred to Granada Biosciences and Foods, with the limited partners getting common stock valued at a fraction of their original investment.

Example, if all partnership assets were sold for a fair market value and all liabilities were paid, the remaining cash, if any, would be equal to the partner's equity in the partnership at fair market value.

A particular problem which is frequently overlooked (perhaps because the distinction is not made explicit in the Partnership Act itself) is the allocation of capital profits, ie the difference between the book values of partnership assets and their market value.

The UPA and RUPA provide rules as to many aspects of a partnership relationship including formation, the ownership of partnership assets, the assessment of fiduciary duties, the settlement of partnership disputes, and termination.

My client feels that Mr. Kent, probably through ignorance, disposed of some very valuable partnership assets without consulting my client; that the patents are worth..." "Forget it," Mason interrupted, "you've said that at least five different times since this conference started."

Even with the modern partnership, no very satisfactory solution to this problem has been found, and the most one can say is that the partners have an equitable interest, often described as a lien, which floats over the partnership assets throughout the duration of the firm, although it crystallises only on dissolution.

Thus, where at the outset it has been decided (Clause 12.01) to leave the goodwill of the firm out of individual account so as to allow it to enure for the benefit of the continuing practice, or where, for similar reasons, revaluations of partnership assets have been ruled out, this should be specified (Clause 12.02).

To protect the non-debtor partners from the creditor of the debtor-partner it was necessary to keep the creditor from seizing partnership assets (which was also in line with the developing perception of partnerships as legal entities and not simple aggregates of partners) and to keep the creditor out of partnership affairs.