Michigan Laws 449.14 – Partnership; effect of partner’s breach of trust
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(Partnership bound by partner’s breach of trust). The partnership is bound to make good the loss:
(a) Where 1 partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and
Terms Used In Michigan Laws 449.14
- 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.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(b) 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.