Legal Question in Real Estate Law in New York

Re: breaking tenant in common realestate partnership

More information is needed for your question. In particular, is there a partnership agreement and what does it say about dissolution.

Assuming that there is no agreement, NY Partnership Law section 62 sets forth the following:

"Dissolution is caused:

1. Without violation of the agreement between the partners,

(a) By the termination of the definite term or particular undertaking specified in the agreement,

(b) By the express will of any partner when no definite term or particular undertaking is specified,

(c) By the express will of all the partners who have not assigned their interests or suffered them to be charged for their separate debts, either before or after the termination of any specified term or particular undertaking,

(d) By the expulsion of any partner from the business bona fide in accordance with such a power conferred by the agreement between the partners;

Upon dissolution the next process is winding up (selling assets, paying liabilities) the partership. The right to wind up is set forth in Partnership law section 68 which states, "Unless otherwise agreed the partners who have not wrongfully dissolved the partnership or the legal representative of the last surviving partner, not bankrupt, has the right to wind up the partnership affairs; provided, however, that any partner, his legal representative, or his assignee, upon cause shown, may obtain winding up by the court."

Mike.

Re: breaking tenant in common realestate partnership

One more thing, if the partnership is solely about ownership of real estate, you would have to commence a partition action under under Article 16 of the NY Real Property Actions and Proceedings Law.

Mike.