Chapter 05, Partnership, termination and liquidation

Be distributed to scales page28 marshaling of assets

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Unformatted text preview: it to Scales, the $20,000 can be distributed to Scales. be distributed to Scales. Page 28 Marshaling of Assets Under the Uniform Partnership Act, a Marshaling of Under the Uniform Partnership Act, a Marshaling of Under Assets iisa priority ranking of creditors having claims Assets s a priority ranking of creditors having claims Assets Assets against individual partners: against individual partners: Debts owed to Debts owed to sseparatecreditors.. eparate creditors Debts owed to Debts owed to partnership creditors. partnership creditors. Debts owed to the Debts owed to the other partners. other partners. Page 29 Claims Against the Partnership IIndividual partner’s creditors can ndividual partner’s creditors can make a claim against the assets make a claim against the assets off the partnership. o the partnership. All partnership creditors must be All partnership creditors must be satisfied first. satisfied first. The creditors can only assert The creditors can only assert claims to the extent of the claims to the extent of the specific partner’s p...
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