The insolvency of a partnership shall render each partner insolvent within the meaning of this chapter, and his property not exempt from attachment, books and papers shall pass to the messenger and assignee appointed in the partnership proceedings; but the assignee shall be nominated by the partnership creditors. The expenses of the proceedings shall be deducted from the whole amount received by the assignee. The net proceeds of the partnership and individual property shall be distributed among the creditors of the firm and the creditors of the individual partners according to the rules of equity in such cases.
Source. PS 201:46. PL 401:47. RL 465:47.