Return of premium on premature dissolution: partner entitled to repayment unless misconduct or agreement bars return. A partner who paid a premium to enter a fixed term partnership and whose firm is dissolved before that term expires, other than by a partner's death, is entitled to repayment of the premium or a reasonable part thereof, having regard to the terms of admission and the period of partnership; repayment is not allowed where the dissolution is mainly due to the payer's misconduct or where the partnership agreement bars return of the premium.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Return of premium on premature dissolution: partner entitled to repayment unless misconduct or agreement bars return.
A partner who paid a premium to enter a fixed term partnership and whose firm is dissolved before that term expires, other than by a partner's death, is entitled to repayment of the premium or a reasonable part thereof, having regard to the terms of admission and the period of partnership; repayment is not allowed where the dissolution is mainly due to the payer's misconduct or where the partnership agreement bars return of the premium.
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