Sec. 17. (Liability of incoming partner). 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.
Mich. Comp. Laws § 449.17
Incoming partner; liability
Applied in 1 court decision — leading case 691 F. Supp. 6 - Central States, Southeast & Southwest Areas Pension Fund v. Skyland Leasing Co. (1987)
Most recently applied in 691 F. Supp. 6 - Central States, Southeast & Southwest Areas Pension Fund v. Skyland Leasing Co. (November 1987)
1917, Act 72, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.