Partners' Personal Assets

question 137

Multiple Choice

Partners' personal assets:

• A)cannot be reached by partnership creditors.
• B)cannot be reached by partnership creditors unless partnership assets are exhausted.
• C)can only be reached by personal creditors.
• D)none of the above

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Definitions:

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American jurisdictions.

Priority Rule

A principle used to establish the order of importance or precedence among several claims or interests against the same asset or legal right.

Artisan's Lien

A legal claim allowing a worker or service provider to retain possession of a client's property until payment for services rendered on that property is received.

Involuntarily

Occurring without the person's willing agreement or consent.