§ 42:5-1 Separate compromise with creditors by individual partner
§ 42:5-2 Debtor to take creditor’s memorandum; use in evidence
§ 42:5-3 Discharge of judgment debt by filing acknowledged memorandum
§ 42:5-4 Compromise with one partner not to discharge copartners; effect on rights between creditors and copartners
§ 42:5-5 Liability to copartners continues
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Terms Used In New Jersey Statutes > Title 42 > Chapter 5 - Separate Compromise With Creditors by Individual Partner

  • 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.
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2