Assignment of share of deceased partner - DOC

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					Assignment of share of deceased partner. Agreement made _________, 19__, between _________ and _________, executors of the will of _________, deceased partner, of the one part, and _________, surviving partner, of the other part. By articles of partnership dated _________, 19__, _________, deceased, and the surviving partner became partners in the business of _________ for the term of _________ years. It was stipulated by the articles [recite provision empowering surviving partner to buy deceased partner's share] _________ died on the _________ day of _________, having made a will which was duly proved in the probate court for the county of _________, on the _________ day of _________ following, and _________ and _________ were duly appointed and qualified as executors. The surviving partner has settled and adjusted all the partnership accounts with the executors in pursuance of the stipulations contained in the articles. The surviving partner has signified a desire to purchase the share of the deceased partner in the partnership effects, and a valuation has been made and agreed upon between the executors and the surviving partner, such valuation being _________ dollars. The surviving partner has executed and delivered to executors a bond in the penal sum of _________ dollars conditioned for the payment of the _________ dollars, with interest at the rate of _________ percent per year, by four equal installments at three, six, nine, and twelve calendar months from this date and also for indemnifying the executors against any costs or damages for or on account of partnership business. In consideration of the premises the executors, assign to the surviving partner, all that _________ undivided part or share of the deceased partner in and to all the goods, credits, and effects belonging, due, and owing to the partnership; and all the right, title, and interest of the deceased partner, and of the executors with full power and authority to the surviving partner, as the attorney or attorneys of them, in their names, or in the name of the survivor of them or of the deceased partner, but at the sole cost and expense of the surviving partner, to demand, recover, and receive the partnership credits and effects, and to give effectual receipts and discharges for them. Also, to appoint a substitute or substitutes for any or all of the purposes to have and to hold the _________ part or share of the goods, credits, and effects to the surviving partner, for his [her] and their own use, forever. The executors confirm all and whatsoever the surviving partner, shall lawfully do or cause to be done in the premises by virtue of these presents, and will not receive or discharge any of the partnership credits, nor interfere with any action brought by the surviving partner, in respect of the assigned premises.

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