When any partner retires or dies, and the business is continued under any of the conditions set forth in section 486.41, subsections 1, 2, 3, 5 and 6, section 486.38, subsection 2, paragraph "b", without any settlement of accounts as between the partner or the partner's estate and the person or partnership continuing the business, unless otherwise agreed, the partner or the partner's legal representative as against such persons or partnership may have the value of the partner's interest at the date of dissolution ascertained, and shall receive as an ordinary creditor an amount equal to the value of the partner's interest in the dissolved partnership with interest, or, at the partner's option or at the option of the partner's legal representative, in lieu of interest, the profits attributable to the use of the partner's right in the property of the dissolved partnership; provided that the creditors of the dissolved partnership as against the separate creditors, or the representative of the retired or deceased partner, shall have priority on any claim arising under this section, as provided by section 486.41, subsection 8.
[C73, 75, 77, 79, 81, § 544.42]
C93, § 486.42
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