Nev. Rev. Stat. Ann. § 87.250 :
Chapter 87. Partnerships (Uniform Act) (Refs & Annos)
Property Rights of Partners
87.250. Nature of partner's right in specific property of partnership
1. A partner is co-owner with his partners of specific partnership property holding as a tenant in partnership.
2. The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of this chapter and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners.
(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of rights of all the partners in the same property.
(c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws.
(d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose.
(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, heirs or next of kin.
Last Amended: 2005
2005
Amended by Laws 2005, c. 128, � 73, eff. July 1, 2006.
Formerly section 25 of chapter 74 of Laws 1931; NCL (1931)-1941 Supplement,
� 5028.24.
HISTORICAL AND STATUTORY NOTES
2005 Legislation
Technical corrections were made to conform with Legislative Counsel Bureau
revisions (2005).
Laws 2005, c. 128, � 73, amended the section by substituting "NRS 87.010
to 87.430, inclusive, and section 1.9 of this act" for "this chapter", in
Subsec. 2(a).
Laws 2005, c. 128, � 77, provides:
"The amendatory provisions of this act do not affect an action or proceeding
commenced or right accrued before July 1, 2006."
Laws 2005, c. 128, � 78, provides:
"If a partnership formed before July 1, 2006, voluntarily elects to be governed
by the provisions of sections 2 to 65, inclusive, of this act, the provisions
of sections 2 to 65, inclusive, of this act relating to the liability of the
partnership's partners to third parties apply to limit those partners'
liability to a third party who had done business with the partnership within 1
year before the partnership's election to be governed by the provisions of sections 2 to 65, inclusive, of this act only if the third party knows or has received a notification of the partnership's election to be governed by the provisions of sections 2 to 65, inclusive, of this act.
Sec. 79. This act becomes effective on July 1, 2006.
Approved by the Governor May 19, 2005.
Formerly section 25 of chapter 74 of Laws 1931; NCL (1931)-1941 Supplement, � 5028.24.