Interest of partner in partnership

A partner’s interest in the partnership is his share of the profits and surplus, and the same is personal property. (Code 1981, § 14-8-26, enacted by Ga. L. 1984, p. 1439, § 1.) COMMENT Note to Uniform Partnership Act This section describes the partner’s interest in the partnership entity, as distinguished from his interest in specific partnership property. Prior Georgia Law There was no comparable provision. As is discussed in the Comment to § 14-8-25, prior Georgia law recognized that a partner’s interest was in the partnership entity rather than in specific partnership property with respect to assignability, the rights of creditors of individual partners to reach partnership property, and the application of the year’s support provision. However, prior O.C.G.A. § 14-8-48 was inconsistent with this section in providing that partnership real estate is considered personal property in equity only to the extent necessary to pay debts. Official UPA This section is the same as the official version. Cross-References Partner’s right to share in the profits and surplus: §§ 14-8-18(1) and 14-8-40(1)-(3). Definition and description of a partner’s interest in specific partnership property: § 14-8-25.