Property owned by Partnership Firm - all partners dead
09-Jun-2023 (In Property Law)
Hello,
A partnership deed was made in 1992 with 2 partners X & Y. It is neither registered nor notarized. A MIDC plot held by X in his individual capacity first was transferred to this partnership in 1994.
After the X died in 2002, no partnership deed was excecuted or registered between Y and legal heirs of X.
Thereafter Y died in 2006 and no partnership deed was excecuted or registered for taking legal heirs of Y as partners.
So the queries are as follows:
1) What is the status of the partnership firm?
2) What can be done further about the plot if none of the legal heirs of X & Y are partners in the firm?
The partnership effectively came to an end upon the death of X when the legal heirs were not inducted as partners. Read the terms of the partnership deed as to what happens on the death of the partner. Also, if the property of MIDC was transferred to the firm, then read the terms of transfer deed. I will be in a better position to assist you after going through the partnership deed and transfer deed.
Helpful?
16+
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