Colorado § 7-60-125 - Right in specific property.

§ 7-60-125. Right in specific property.

(1) A partner is co-owner with the other partners of specific partnership property holding as a tenant in partnership.

(2) The incidents of tenancy in partnership are such that:

(a) A partner, subject to the provisions of this article and to any agreement between the partners, has an equal right with the other partners to possess specific partnership property for partnership purposes; except that a partner has no right to possess such property for any other purpose without the consent of the other partners;

(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of 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, the deceased partner's right in specific partnership property vests in the surviving partner or partners, except where the deceased partner was the last surviving partner, when the right in such property vests in the deceased partner's legal representative. The 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.

Source: L. 31: p. 657, § 25. CSA: C. 123, § 25. CRS 53: § 104-1-25. C.R.S. 1963: § 104-1-25. L. 2004: (1), (2)(a), and (2)(d) amended, p. 1426, § 84, effective July 1.

ANNOTATION

Law reviews. For article, "Non-Tax Advantages of the Revocable Trust (With Emphasis on Use as Will Substitute)", see 37 Dicta 333 (1960).

A partner's right in specific partnership property is not assignable by an individual partner, nor is it subject to attachment or execution except upon a claim against the partnership. Upon a partner's death, the partner's right in such property vests in the surviving partner or partners. Mtn. States Bank v. Irvin, 809 P.2d 1113 (Colo. App. 1991).

This section does not confer upon partners a right to redress for individual losses where such losses are not unique and are shared by other partners. Adams v. Land Servs., Inc., 194 P.3d 429 (Colo. App. 2008).

Applied in Erickson v. Oberlohr, 749 P.2d 996 (Colo. App. 1987).