New Jersey Statutes 2A:19-49. Partnership and individual estates to be kept separate
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Terms Used In New Jersey Statutes 2A:19-49
- general assignment: includes an assignment by a debtor made under section 2A:20-6 of this title. See New Jersey Statutes 2A:19-1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
In all cases where a general assignment includes both a partnership and an individual estate, the same shall be kept separate in all proceedings under this chapter, and all notices and accounts in relation thereto shall plainly distinguish between the different estates, and all proceedings, orders and judgments shall recognize the rights and equities of the different classes of creditors, to the end that the property assigned may be equitably applied to the payment of the claims of such creditors.
L.1951 (1st SS), c.344.