[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR55.58]

[Page 941]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--BUREAU OF ALCOHOL, TOBACCO AND FIREARMS, DEPARTMENT OF THE 
                                TREASURY
 
PART 55--COMMERCE IN EXPLOSIVES--Table of Contents
 
                     Subpart D--Licenses and Permits
 
Sec. 55.58  Continuing partnerships.

    Where, under the laws of the particular State, the partnership is 
not terminated on death or insolvency of a partner, but continues until 
the winding up of the partnership affairs is completed, and the 
surviving partner has the exclusive right to the control and possession 
of the partnership assets for the purpose of liquidation and settlement, 
the surviving partner may continue to conduct the business or operations 
under the license or permit of the partnership. If the surviving partner 
acquires the business or operations on completion of settlement of the 
partnership, he shall obtain a license or permit in his own name from 
the date of acquisition, as provided in Sec. 55.45. The rule set forth 
in this section will also apply where there is more than one surviving 
partner.