Section 73. Rights of retiring or estate of deceased partner when the business is continued  


Latest version.
  • When any  partner  retires  or  dies,  and  the
      business  is  continued under any of the conditions set forth in section
      seventy-two, subdivisions one, two, three,  five  and  six,  or  section
      sixty-nine,  paragraph (b) of subdivision two, without any settlement of
      accounts as between him or his estate  and  the  person  or  partnership
      continuing  the  business,  unless  otherwise  agreed,  he  or his legal
      representative as against such persons or partnership may have the value
      of his interest at  the  date  of  dissolution  ascertained,  and  shall
      receive  as  an  ordinary  creditor  an amount equal to the value of his
      interest in the dissolved partnership with interest, or, at  his  option
      or  at  the option of his legal representative, in lieu of interest, the
      profits attributable to the use of his right  in  the  property  of  the
      dissolved  partnership;  provided  that  the  creditors of the dissolved
      partnership as against the separate creditors, or the representative  of
      the  retired  or  deceased  partner,  shall  have  priority on any claim
      arising  under  this  section,  as  provided  by  section   seventy-two,
      subdivision eight of this chapter.