Guam § 2207 - Decedent's Partnership Property; Continuing Decedent's

§ 2207. Decedent's Partnership Property; Continuing Decedent's

Business; Partnerships; Operation.

(a) Unless otherwise ordered by the Superior Court of Guam

pursuant to subsection (b) of this Section, when a partnership existed

between the decedent and any other person at the time of the decedent's

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CH. 22 POWERS AND DUTIES OF EXECUTORS, ADMINISTRATORS

WITH THE WILL ANNEXED AND ADMINISTRATORS

death, the surviving partner has the right to continue in possession of the

partnership, and settle its business, but the interest of the decedent in the

partnership shall be included in the inventory of the property in the

decedent's estate, and be appraised as other such property. The surviving

partner shall settle the affairs of the partnership without delay, and

account to the personal representative, and pay over to the personal

representative such balances as may from time to time be payable to the

personal representative, in right of the decedent. Upon application of the

personal representative, the Superior Court of Guam, whenever it

appears necessary, may order the surviving partner to render an account,

and in case of neglect or refusal may, after notice, compel it by attach-

ment; and the personal representative may maintain against the surviving

partner any action which the decedent could have maintained.

(b) After notice to all persons interested in the estate, given in such

manner as may be directed by the Superior Court of Guam, the Superior

Court of Guam may authorize the personal representative to do the

following:

(1) To continue the operation of the decedent's business, other

than a business operated by a partnership in which the decedent was

a partner, to such an extent and subject to such restrictions as the

Superior Court of Guam may determine to be for the best interests

of the estate and those interested therein; and

(2) To continue as a partner in any partnership in which the

decedent was a partner at the time of death (unless inconsistent with

the terms of any written partnership agreement executed by all of

the partners prior to the decedent's death), with all the rights,

powers, duties and obligations provided in the written partnership

agreement, subject, however, to the written approval of all the

surviving partners, and to such restrictions as the Superior Court of

Guam may determine to be for the best interests of the estate and

those interested therein; or, in the absence of such a written

partnership agreement, and subject to the written consent of all of

the surviving partners, with all the rights, powers, duties and

obligations which the Superior Court of Guam may specify. The

personal representative may be authorized to act as a general partner

only if the decedent was a general partner at the time of death, and

as a limited partner where the decedent at the time of death was

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CH. 22 POWERS AND DUTIES OF EXECUTORS, ADMINISTRATORS

WITH THE WILL ANNEXED AND ADMINISTRATORS

either a general partner or a limited partner, as Alimited partner@ is

defined in 18 GCA § 27101.