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14 Cards in this Set
- Front
- Back
RUPA provides that "Property transferred to or otherwise acquired by a partnership is property of the partnership and not of the partners individually." True or False
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True
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Consistent with earlier UPA rules, RUPA provides that property is Partnership Property if acquired in the name of whom?
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1. the Partnership
2. In the name of the Partner or Partners with at least one of the following indications: In the instrument that transferred title: a. The person's Capacity as partner b. The Existence of the Partnership |
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Property is presumed to be partnership property when what occurs?
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If purchased with Partnership Assets
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When is property Separate from the partnership?
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When property is acquired in the name of one or more partners without indication of: Partnership Capacity, or Existence of the Partnership, or without the use of Partnership Assets.
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Partnerships have Entity Ownership of partnership property. What is Entiy Ownership?
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Partnership Property is owned by the Partnership Entity, not by the partners in common.
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A partner's Partnership Interest is considered what?
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Personal Property
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What does Partnership Interest give the partner the Right to?
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1. Share in the partnership's Profits
2. Share in the partnership's Net Assets upon dissolution. |
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The Creditor Restriction relating to Partnership Property is what?
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No Creditor of an Individual Partner may attach partnership property to satisfy an Individual Debt.
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What is the proper approach for creditors of Individual Partners?
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The Charging Order
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What is a Charging Order?
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The judge orders the other partners to pay any Distribution Due to the debtor partner to that Partner's Creditor instead.
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What does Assignment mean relating to Individual Partner debt?
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Debtor partners may Assign (or creditors may seize) ONLY the Individual Partner's Interest in the Partnership (i.e. profits and net assets)
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What is the rule regarding using PARTNERSHIP PROPERTY to satisfy the debts of Individual Partners?
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Individual Partners MAY NOT ASSIGN and creditors of Individual Partners MAY NOT SEIZE Partnership Property to satisfy the debts of individual partners.
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Can an Individual Partner assign his Partnership Interest to an Individual Creditor?
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Yes
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If an individual partner does assign to an individual creditor his or her partnership interest, does the creditor become a Partner?
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NO
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