The Chapter 7 Trustee was awarded partial summary judgment on counts that related to determining the Debtor’s interest in a dissolved limited partnership under Georgia law. The undisputed facts showed that under Georgia limited partnership law, Georgia’s Revised Limited Partnership Act, and the Will of Debtor’s deceased husband and general partner in the limited partnership, the limited partnership was dissolved and that Debtor held 70% of the partnership interest at the time of the petition. The death of an individual, general partner is an event of withdrawal, resulting in dissolution. O.C.G.A. §§ 14-9-801(3), 14-9-602(6)(A), 14-9-203 & 14-9-206(c). Debtor inherited the deceased’s interest in the limited partnership, and Debtor’s total interest was property of the estate.
The Chapter 7 Trustee’s claims for partition and turnover were denied based on the estate only holding an interest in the dissolved - but not wound up - limited partnership, and not the partnership property itself. The Chapter 7 Trustee, however, did hold the Debtor’s right for distribution, termination, cancellation, and liquidation of the partnership.
File:
Date:
09/28/2012