Indiana Code 23-4-1-4. Rules of construction
(1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.
Terms Used In Indiana Code 23-4-1-4
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(3) The law of agency shall apply under this chapter.
(4) This chapter shall be so interpreted and construed as to effect its general purpose to make uniform the law of those states which enact it.
(5) This chapter shall not be construed so as to impair the obligations of any contract existing on January 1, 1950, nor to affect any action or proceedings begun or right accrued before January 1, 1950.
(6) All references to this chapter in the partnership agreement and other rules that govern the internal affairs of a partnership are considered references to IC 23-0.5 and IC 23-0.6 also.
Formerly: Acts 1949, c.114, s.4. As amended by P.L.34-1987, SEC.289; P.L.118-2017, SEC.34.