New Jersey Statutes 42:1A-41. Postdissolution, rights, duties on winding up
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 42:1A-41
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
41. a. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership‘s business, but on application of any partner, partner’s legal representative, or transferee, a court of competent jurisdiction, for good cause shown, may order judicial supervision of the winding up.
b. The legal representative of the last surviving partner may wind up a partnership’s business.
c. A person winding up a partnership’s business shall preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership’s business, dispose of and transfer the partnership’s property, discharge the partnership’s liabilities, distribute the assets of the partnership pursuant to section 45 of this act, settle disputes by mediation or arbitration, and perform other necessary acts.
L.2000,c.161,s.41.