Colorado Revised Statutes Title 7. Corporations and Associations § 7-60-114. Partner's breach of trust--liability

(a) Where one partner acting within the scope of such partner's 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.