Vermont Statutes Title 12 Sec. 5054
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Terms Used In Vermont Statutes Title 12 Sec. 5054
- 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.
§ 5054. Discharge of a joint contractor
A creditor having a debt or demand against a partnership or several joint obligors or promisors may discharge one or more of such partners, obligors, or promisors without impairing his or her right against the others as to the residue of his or her debt or demand.