Jackie Is Interested in the Property of the Big Partnership,in

question 37

Multiple Choice

Jackie is interested in the property of the Big Partnership,in which Jackie is a full partner.She wants to mortgage the property in order to collateralize loans for the organization.However,not all the partners agree with Jackie.What is Jackie's legal position with regard to the mortgage under UPA?

• A)Her partners' non-agreement is legally irrelevant.
• B)Jackie's interest in the partnership property cannot be assigned.
• C)Jackie can mortgage her share of the organization's property.
• D)UPA does not address this issue,and a court will decide on a case by case basis.

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Definitions:

Depreciation

Spreading out the cost of a tangible asset systematically over its life of service.

Property Plant

Long-term physical assets owned by a company, such as buildings and machinery, used in operations to generate revenue.

Intangible Assets

Non-physical assets owned by a business, such as patents, trademarks, and copyrights, that have economic value.

Office Equipment

Long-term assets used in an office for the business operations, such as computers, desks, and chairs.