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North Carolina General Statutes Chapter 59. Partnership § 59-44. Partnership bound by partner's breach of trust

Current as of January 01, 2023 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 59. Partnership § 59-44. Partnership bound by partner's breach of trust - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-59-partnership/nc-gen-st-sect-59-44/

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