Sec. 17. A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though he had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of partnership property.
Ind. Code § 23-4-1-17
Liability of incoming partner
Known as the Uniform Partnership Act
The act spans §§ 23-4-1-1 to 23-4-1-9 (62 sections).
Formerly: Acts 1949, c.114, s.17.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.