Mich. Comp. Laws § 449.14

Current through Public Act 166 of the 2024 Legislative Session

Section 449.14 - Partnership; effect of partner's breach of trust

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

(a) Where 1 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.

MCL 449.14

1917, Act 72, Eff. 8/10/1917 ;--CL 1929, 9854 ;--CL 1948, 449.14.