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  • SECTION 24
    Partnership bound by partner's wrongful act
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  • ARTICLE 3
    Relations of Partners to Persons Dealing With the Partnership
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  • SECTION 26
    Nature of partner's liability
    • This entry was published on 2014-09-22
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    SECTION 25

    Partnership bound by partner's breach of trust

    Partnership (PTR) CHAPTER 39, ARTICLE 3

    § 25. Partnership bound by partner's breach of trust. The partnership
    is bound to make good the loss:

    1. Where one partner acting within the scope of his apparent authority
    receives money or property of a third person and misapplies it; and

    2. Where the partnership in the course of its business receives money
    or property of a third person and the money or property so received is
    misapplied by any partner while it is in the custody of the partnership.