48-1-11. 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.
No Change Since 1953
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Last revised: Wednesday, July 23, 2008