The Bubba Insurance Company is not incorporated. It consists of Bubba and his two brothers as general partners, who maintain an active securities account in the name of the company. If one of the partners should suddenly die, what course of actions should be undertaken by the registered representative at the brokerage?
A)freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
B)no special action is required because the death of a single partner does not terminate the partnership agreement
C)distribute the assets in the account to the surviving partners
D)execute sell orders but do not accept buy orders or distribute assets from the account until a new partnership agreement is provided to the brokerage

Question

Quizplus · Accepted Answer

execute sell orders but do not accept buy orders or distribute assets from the account until a new partnership agreement is provided to the brokerage. Sell orders may be accepted but not buy orders or distributions.

The Bubba Insurance Company Is Not Incorporated