48-1-11 - Partnership bound by partner's breach of trust.
48-1-11. Partnership bound by partner's breach of trust.
The partnership is bound to make good the loss:
(1) where one partner acting within the scope of his apparent authority receives money orproperty of a third person and misapplies it; and,
(2) where the partnership in the course of its business receives money or property of athird person and the money or property so received is misapplied by any partner while it is in thecustody of the partnership.
No Change Since 1953