Law 3102 Liabililty of partners powerpoint.ppt POST RUPA

Law 3102 Liabililty of partners powerpoint.ppt POST RUPA -...

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LIABILITY OF PARTNERS (Tort and Contract)
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Tort Liability - Partnership §305(a) Partnership is liable for the wrongful act or omission or other actionable conduct of any partner acting in the ordinary course of the partnership business or with the authority of the other partners Similar to respondeat superior §306 Partnership is liable for any partner’s breach of trust i.e. any partner’s “misapplication” of funds received by partner acting within the scope of his apparent authority or in the ordinary course of its business
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Tort Liability - Partners § 306 All partners are jointly and severally liable for any partnership liability arising from any tort or breach of trust committed by a partner or employee in the course of pship business. Pship assets must be exhausted first before judgment can be enforced against partner personal assets. i.e., if a partner commits tort in the ordinary course of business, T may sue partnership and/or any or all of the partners
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This note was uploaded on 12/09/2011 for the course LAW 1101 taught by Professor Reed during the Spring '08 term at CUNY Baruch.

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Law 3102 Liabililty of partners powerpoint.ppt POST RUPA -...

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