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Section 54-1A-502 - Partner's transferable interest in partnership.

NM Stat § 54-1A-502 (2019) (N/A)
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The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. The interest is personal property.

History: Laws 1996, ch. 53, § 502.

Interest in partnership realty is personal property. — An interest of a partner in a partnership is personal property and not real property, even if land is one of the assets. Citizens Bank v. Williams, 1981-NMSC-059, 96 N.M. 373, 630 P.2d 1228.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Am. Jur. 2d Partnership § 409 et seq.

Right to set off claim of firm against indebtedness of individual partner, 60 A.L.R. 584.

Profits after death or dissolution, 55 A.L.R.2d 1391.

Effect of Uniform Partnership Act, § 26 as converting realty into personalty, 80 A.L.R.2d 1107.

Partner's breach of fiduciary duty to copartner on sale of partnership interest to another partner, 4 A.L.R.4th 1122.

68 C.J.S. Partnership §§ 85, 86.

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