Ind. Code § 23-4-1-14

Current through P.L. 171-2024
Section 23-4-1-14 - Partnership bound by partner's breach of trust

The partnership is bound to make good the loss:

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

IC 23-4-1-14

Formerly: Acts 1949, c.114, s.14.