Section 75. Continuance of partnership business during action for accounting


Latest version.
  • In an action brought to dissolve a partnership, or  for  an
      accounting  between  partners, or affecting the continued prosecution of
      the business, the court may, in its discretion, by order, authorize  the
      partnership  business to be continued, during the pendency of the action
      by one or more of the partners, upon their executing and filing with the
      clerk an undertaking, in such a sum and with such sureties as the  order
      prescribes,  to  the effect that they will obey all orders of the court,
      in the action,  and  perform  all  things  which  the  judgment  therein
      requires  them to perform. The court may impose such other conditions as
      it deems proper, and it may in its discretion  at  any  time  thereafter
      require  a new undertaking to be given. The court may also ascertain the
      value of the partnership property, and of the interest of the respective
      partners by a reference or  otherwise,  and  may  direct  an  accounting
      between  any  of  the partners; and the judgment may make such provision
      for the payment to the retiring partners, for their interest,  and  with
      respect  to  the  rights  of  creditors,  the  title  to the partnership
      property, and otherwise,  as  justice  requires,  with  or  without  the
      appointment of a receiver, or a sale of the partnership property.