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Partnership | |
General and Limited Liability Partnerships | |
Section 11 | Partnership bound by partner's breach of trust. |
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48-1-11 (Repealed 07/01/12). 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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