Statute · New York Partnership Law
N.Y. P'ship Law § 25 — Partnership bound by partner's breach of trust
N.Y. P'ship Law § 25
- Type
- Statute
- Source
- New York Partnership Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 25. Partnership bound by partner's breach of trust. The partnership is bound to make good the loss:
Citator
N.Y. P'ship Law § 25 — Partnership bound by partner's breach of trust is in force in the current edition of the Code, and nothing recorded condemns it.
§ 25. 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 or property of a third person and misapplies it; and
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.