Page:United States Statutes at Large Volume 76.djvu/690

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PUBLIC LAW 87-709-SEPT. 27, 1962

[76 STAT.

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 one or more of the partners, or (b) With partnership property, by any one 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. PART VI

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DISSOLUTION AND WINDING U P

SEC. 29. DISSOLUTION DEFINED.—The dissolution of a partnership

is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business. SEC. 30. PARTNERSHIP NOT TERMINATED BY DISSOLUTION.—On dissolution the partnership is not terminated, but continues until the winding up of partnership affairs is completed. SEC. 31. CAUSES OF DISSOLUTION.—Dissolution is caused: (1) Without violation of the agreement between the partners— (a) by the termination of the definite term or particular undertaking specified in the agreement, (b) by the express will of any partner when no definite term or particular undertaking is specified, (c) by the express will of all the partners who have not assigned their interests or suffered them to be charged for their separate debts, either before or after the termination of any specified term or particular undertaking, (d) by the expulsion of any partner from the business bona fide in accordance with such a power conferred by the agreement between the partners; (2) I n contravention of the agreement between the partners, where the circumstances do not permit a dissolution under any other provision of this section, by the express will of any partner at any time; (3) By any event which makes it unlawful for the business of the partnership to be carried on or for the members to carry it on in partnership; (4) By the death of any partner; (5) By the bankruptcy of any partner or the partnership; (6) By decree of court under section 32. SEC. 32. DISSOLUTION BY DEGREE OF COURT.—(1) On application by or for a partner the court shall decree a dissolution whenever— (a) a partner has been declared a lunatic in any judicial proceeding or is shown to be of unsound mind, (b) a partner becomes in any other way incapable of performing his part of the partnership contract, (c) a partner has been guilty of such conduct as tends to affect prejudicially the carrying on of the business,

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