486.14  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 apparent authority receives money or property of a third person and misapplies it.

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.

Section History: Early form

  [C73, 75, 77, 79, 81, § 544.14]

Section History: Recent form

  C93, § 486.14

Internal References

  Referred to in § 486.15

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