N.Y. Partnership Law § 25

Current through 2024 NY Law Chapters 1-49, 52, and 61-117

Section 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.

N.Y. Partnership Law § 25