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#1457044 - 10/19/10 09:12 PM Partnerships
OkieOps Offline
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OkieOps
Joined: May 2001
Posts: 752
OK
I posted this in the Oklahoma forum but have no replies yet. If one of the partners dies, can the other partner continue writing checks on the account? One place I found says the partnership automatically dissolves upon the death of a partner, but a newer version of the same book does not mention this. This particular partnership is probably 50 years old and there may or may not be an actual paper agreement to refer to. Any help would be appreciated.

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#1457177 - 10/20/10 01:43 PM Re: Partnerships OkieOps
Elwood P. Dowd Offline
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Elwood P. Dowd
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Ask the surviving partner(s) if there is a written partnership agreement. If there is, it will address the circumstance. If not, Oklahoma has enacted the Uniform Partnership Act and then it would control. The model form of the Act says the decedent is "disassociated" from the partnership, but it does not say that the partnership is terminated.

You don't mention what book you are looking at, but I find it hard to believe that the the law would demand that a partnership that might involve many partners, employees, and an ongoing buisness would be forced to end by the death of one partner.
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#1457240 - 10/20/10 02:46 PM Re: Partnerships Elwood P. Dowd
OkieOps Offline
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OkieOps
Joined: May 2001
Posts: 752
OK
The book I was referring to was actually materials from a new account seminar that Mary Beth Guard spoke at in 1998.

Thanks for the info!

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#1457443 - 10/20/10 06:02 PM Re: Partnerships OkieOps
Mary Beth Guard Offline
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Mary Beth Guard
Joined: Oct 2000
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Oklahoma City, OK
54 O.S. 231 formerly provided that the partnership was dissolved by the death of any partner. That statute was repealed in the late 90s.

I should note that even back then, it was dissolved unless the partnership agreement stated otherwise. Of course, many general partnerships don't have formal written partnership agreements.
Last edited by Mary Beth Guard; 10/20/10 06:04 PM.
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