Can a surviving partner buy out the deceased partner’s share?

If the surviving partner bought out the deceased partner’s share, then both capital and profits would have to be paid unless a sale price were arrived at, in which case it would not be capital but purchase-money. But the word “pay” may fairly be used of the return of capital by the surviving partner, as he, strictly speaking, becomes liable to account on realisation. In McClean v. Kennard (1874), L.R. 9 Ch. 336, 346, his position is thus de fined: “The general rule is, that the interest which the testator had in a chose in action jointly with another shall not pass to his executor, yet per legem mercatoriam, as formerly mentioned, an exception was established in favour of merchants, which has been extended to all traders and persons engaged in joint undertakings in the nature of trade. But in these cases, although the right of the deceased partner devolves on his executor, it is now fully settled that the remedy survives to his companion, who alone must enforce the right by action, and will be liable, on recovery, to account to the executor or administrator for the share of the deceased.”