Missouri Laws 358.140 – Partnership bound by partner’s breach of trust
Current as of: 2023 | Check for updates
|
Other versions
The partnership is bound to make good the loss
(1) Where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and
Terms Used In Missouri Laws 358.140
- 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, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
(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.