Sec. 14. The partnership is bound to make good the loss:

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Terms Used In Indiana Code 23-4-1-14

  • 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.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (a) Where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and

     (b) 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.

Formerly: Acts 1949, c.114, s.14.

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