[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR25.73]

[Page 648]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE 
                                TREASURY
 
PART 25_BEER--Table of Contents
 
                  Subpart G_Qualification of a Brewery
 
Sec. 25.73  Change in partnership.

    (a) New notice required. The withdrawal of one or more members of a 
partnership or the taking in of a new partner, whether active or silent, 
constitutes a change in proprietorship. Unless exempted by paragraph (b) 
of this section, the death, bankruptcy or adjudicated insolvency of one 
or more partners results in a dissolution of the partnership and a 
change in proprietorship. The successor shall qualify the brewery in the 
same manner as the proprietor of a new brewery.
    (b) Continuing partnership. A surviving partner or partners may 
continue to operate the brewery for purposes of liquidation and 
settlement under the following conditions:
    (1) Under the laws of the State where the partnership was formed, 
the partnership is not terminated on death or insolvency of a 
partner(s); and
    (2) Under the laws of the State where the partnership was formed, 
the surviving partner(s) has the exclusive right to control and 
possession of the partnership assets for the purpose of liquidation and 
settlement; and
    (3) A consent of surety is filed in which the surety and the 
surviving partner(s) agree to remain liable on the bond.
    (c) Settlement of partnership. If the surviving partner(s) acquires 
the business on completion of the settlement of the partnership, that 
partner(s) shall qualify in his or her own name from the date of 
acquisition and give a new brewer's notice on Form 5130.10 and a new 
bond on Form 5130.22.

(Sec. 201, Pub. L. 85-859, 72 Stat. 1388, as amended (26 U.S.C. 5401))

[T.D. ATF-224, 51 FR 7673, Mar. 5, 1986; 51 FR 10540, Mar. 27, 1986]