Law 3102 Partnership - Authority powerpoint.ppt POST RUPA

Law 3102 Partnership - Authority powerpoint.ppt POST RUPA -...

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Partnership - Authority
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Authority to Bind Partnership Every partner is an agent of the partnership for the purpose of its business. That is, any partner may bind the partnership by actual or apparent authority. If the pship is bound, each general partner has unlimited personal liability for that pship obligation.
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Authority to Bind Partnership Under RUPA, partners are jointly and severally liable for all contract obligations of the pship, which means that all partners may be sued jointly in one action or that separate actions, leading to separate judgments, may be maintained against each of them. Judgments obtained are only enforceable against property of the defendant or defendants named in the suit. Payment by any one of those defendants of the judgment satisfies it for everyone.
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Authority to Bind Partnership RUPA requires judgment creditor to exhaust the pship’s assets before enforcing a judgment against the separate assets of the individual partners. POWER TO BIND:
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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 Partnership - Authority powerpoint.ppt POST RUPA -...

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