Partnership property principles clarify that assets contributed to the firm vest in the firm, while a partner's share devolves under the deed.

Property contributed to a partnership and brought into the firm's stock becomes firm property under Section 14 of the Indian Partnership Act, 1932, with the legal consequences attaching to that status. The declaration was therefore to be read as operating in favour of the firm alone, not the partners individually. The deceased partner's interest would devolve on his legal heirs only to the extent permitted by the last partnership deed and in accordance with law. The document thus clarifies that contributed assets are treated as partnership property and that succession to a partner's share is governed by the partnership arrangement.

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Issues: Whether property brought into the firm became property of the firm and whether the decree of declaration was to be read in favour of the firm alone, with the partners' shares passing in accordance with the partnership deed.

Analysis: The property contributed to the business and brought into the stock of the firm falls within the property of the firm under Section 14 of the Indian Partnership Act, 1932. Property so brought into the firm is treated as firm property for legal consequences. On that basis, the declaration granted by the trial court was required to be understood as one in favour of the firm alone, while the share of the deceased partner would devolve on his legal heirs only to the extent provided in the last partnership deed and in accordance with law.

Conclusion: The decree was clarified to be in favour of the firm alone, and the deceased partner's share was held to devolve upon his legal heirs as per the partnership deed.

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