N.Y. Partnership Law 25 – Partnership bound by partner's breach of trust
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§ 25. Partnership bound by partner's breach of trust. The partnership is bound to make good the loss:
Terms Used In N.Y. Partnership Law 25
- 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.
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.