Year: 1878

CHAPTER CXxvIII.

 An Act concerning Receivers of Partnerships. Re it enacted by the Senate and House or hep- -esentatives in General Assembly convened: :: Section 1. When any copartnershlp shall De dissolved, and the partners cannot agree upon the disposition of the partnership enects, anu the settlement of the affairs of such copartner- ship, either of them may apply to the superior court for the county in which either of sald partners reside or in which the property or such copartnership is situated, and in case said court is not in session, then to any judge of the superior conrt, for the appointment or receiver to hold the business, and all the es- | tate, both real and personal, belonging to sucl copartnership, and dispose Of, manage and eppI,, tl.e ea1ae tho 4oaid ovurt UT judge may direct; and upon receiving such application said court or judge shall forthwith appoint day for the hearing upon the same, and shall make such erder relative to notice of such ap- plicatiJn and hearing to the other partners as may be deemed proper, said hearing to be at least six days from the service of such order of notice; and such court or judge, upon said hearing may appoint a receiver for said CO., partnership, who shall be subject to the orders of said court and whenever receiver shall be appointed by any judge in vacation, said judge may at any time before the next session of said court make such temporary orders with reference to said estate as may be necessary and proper for the management and husband " thereof, and shall make return of the ap- plicatlon notice, appointment, and orders by him made to said court at it's next session, and thereafter all proceedings in said case shall be conducted in said court.

 Sec. 2. Said court shall have power to make such orders relative to the management or clo- sing up of the business of such c0partnership, or the disposal of its real and personal estate, as may be necessary to protect the rights and interests of each partner, and of the creditors of such copartnership, also to make orders for the division of the partnership property, both real and personal, by deeds of transfer to and from the respective partners, or from the re- ceiver, and upon the request of either partner said court shall order such division, if in the opinion of said court snch division can be made without injustice to the other partners; l; and said court in making or ordering such di- vision shall have power to equalize the prop erty of such copartnership between the re- spective partners according to their respective interests, and upon such terms and conditions as may seem equitable to sail court. And said court shall also have power to make orders to sell the property of such >copartnership, or any part thereof upon terms and conditions to be prescribed by said court, and apply the pro- ceeds to the payment of debts, and divide the balance between the respective partners ac- cording to their interest in said copartnership; and said court may make any other orders necessary to carry this act into effect, and for that purpose shall have all the powers of court of equity.

 Sec. 8. Upon the appointment of such re- ceiver, all of the property of said cepartner- ship, both real and personal, shall at once vest in said receiver, subject to the order of said court but any such appointment or any order of said court may be modified or vacated en the application of any party to such proceed ings to said court, reasonable notice of such application, and of the time and place of the hearing thereon having first been given to every other party.

 Sec. A. Section two, chapter seventeen, part fourteen, title nineteen, (page 483) of the gen. eral statutes of 1875, is hereby repealed.

 Approved March 27, 1878.