118. Effect of co-ownership.

118.     Effect of co-ownership.

Equity recognises no right of survivorship as regards partnership property1. Where a legal estate in land is vested in partners as part of their partnership property2, it is held by them as joint tenants3. The legal estate in the land is accordingly subject to the rights of survivorship which are incident to a joint tenancy4, but the beneficial interest in the partnership property is held exclusively for the purpose of the partnership and in accordance with the partnership agreement5. The estate of a deceased partner