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Virgin Islands Statutes, Title 26

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Title 26, Partnerships

2 chapters · 130 sections in this title.

All chapters in Title 26130 Ch 1, Uniform Partnership Act65 Ch 3, Uniform Limited Partnership Act65

65 sections·Filtered byTitle 26✕Ch 1✕

26 V.I.C. § 48 Liability of purported partner
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(a) If a person, by words or conduct, purports to be a partner, or consents to being represented by another as a partner, in a partnership or with one or more persons not partners, the purported partner is liable to a person to whom the representation is made, if that person, rel…
26 V.I.C. § 5 Supplemental principles of law
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(a) Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter. (b) If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is that specified in Title 11, section 951, Virgin Islan…
26 V.I.C. § 6 Execution, filing, and recording of statements
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(a) A statement may be filed in the office of the Lieutenant Governor. A certified copy of a statement that is filed in an office in another State may be filed in the office of the Lieutenant Governor. Either filing has the effect provided in this chapter with respect to partners…
26 V.I.C. § 7 Law governing internal relations
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(a) Except as otherwise provided in subsection (b) of this section and section 241 of this chapter, the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners and between the partners and the partnership. (b) The law of …

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26 V.I.C. § 71 Partner's rights and duties

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(a) Each partner is deemed to have an account that is:(1) credited with an amount equal to the money plus the value of any other property, net of the amount of any liabilities, the partner contributes to the partnership and the partner's share of the partnership profits; and(2) c…

26 V.I.C. § 72 Distributions in kind

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A partner has no right to receive, and may not be required to accept, a distribution in kind.

26 V.I.C. § 73 Partner's rights and duties with respect to information

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(a) A partnership shall keep its books and records, if any, at its chief executive office. (b) A partnership shall provide partners and their agents and attorneys access to its books and records. It shall provide former partners and their agents and attorneys access to books and …

26 V.I.C. § 74 General standards of partner's conduct

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(a) The only fiduciary duties a partner owes to the partnership and the other partners are the duty of loyalty and the duty of care set forth in subsections (b) and (c) of this section. (b) A partner's duty of loyalty to the partnership and the other partners is limited to the fo…

26 V.I.C. § 75 Actions by partnership and partners

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(a) A partnership may maintain an action against a partner for a breach of the partnership agreement, or for the violation of a duty to the partnership, causing harm to the partnership. (b) A partner may maintain an action against the partnership or another partner for legal or e…

26 V.I.C. § 76 Continuation of partnership beyond definite term or particular undertaking

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(a) If a partnership for a definite term or particular undertaking is continued, without an express agreement, after the expiration of the term or completion of the undertaking, the rights and duties of the partners remain the same as they were at the expiration or completion, so…

26 V.I.C. § 8 Partnership subject to amendment or repeal of chapter

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A partnership governed by this chapter is subject to any amendment to or repeal of this chapter.

26 V.I.C. § 91 Partner not co-owner of partnership property

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A partner is not a co-owner of partnership property and has no interest in partnership property which can be transferred, either voluntarily or involuntarily.

26 V.I.C. § 92 Partner's transferable interest in partnership

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The only transferable interest of a partner in the partnership is the partner's share of the profits and losses of the partnership and the partner's right to receive distributions. The interest is personal property.

26 V.I.C. § 93 Transfer of partner's transferable interest

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(a) A transfer, in whole or in part, of a partner's transferable interest in the partnership:(1) is permissible;(2) does not by itself cause the partner's dissociation or a dissolution and winding up of the partnership business; and(3) does not, as against the other partners or t…

26 V.I.C. § 94 Partner's transferable interest subject to charging order

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(a) On application by a judgment creditor of a partner or of a partner's transferee, a court having jurisdiction may charge the transferable interest of the judgment debtor to satisfy the judgment. The court may appoint a receiver of the share of the distributions due or to becom…