Power of Legal Representative of Deceased or Incompetent Partner

  1. Law
  2. Georgia Code
  3. Corporations, Partnerships, and Associations
  4. Revised Uniform Limited Partnership Act
  5. Partnership Interests
  6. Power of Legal Representative of Deceased or Incompetent Partner

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  1. If a partner who is an individual dies or a court of competent jurisdiction adjudges him to be incompetent to manage his person or his property, the partner's executor, administrator, conservator, or other legal representative may exercise all the partner's rights for the purpose of settling his estate or administering his property, including any power the partner had to give an assignee the right to become a limited partner. If a partner is a corporation, trust, or other entity and is dissolved or terminated, the powers of that partner may be exercised by its legal representative or successor.
  2. The estate of a deceased partner or the successor of a partner that is a dissolved or terminated corporation, trust, or other entity shall be liable for all of the partner's liabilities as a partner.

(Code 1981, §14-9-705, enacted by Ga. L. 1988, p. 1016, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 59A Am. Jur. 2d, Partnership, § 808 et seq.

C.J.S.

- 68 C.J.S., Partnership, § 589.

ARTICLE 8 DISSOLUTION

Administrative Rules and Regulations.

- Cancellations, Revocations and Withdrawals, Official Compilation of the Rules and Regulations of the State of Georgia, Office of Secretary of State, Limited Partnerships, Commissioner of Corporations, Chapter 590-7-16.


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