New Jersey Statutes 42:5-2. Debtor to take creditor’s memorandum; use in evidence
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 42:5-2
- 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.
Every partner making a composition or compromise under authority of section 42:5-1 of this title shall take from the creditors with whom he may make the same, a note or memorandum, in writing, exonerating him from any individual liability incurred by reason of his connection with such partnership, which note or memorandum may be pleaded in bar of the creditors’ rights of recovery against him.