Sec. 21. (Partner accountable as a fiduciary). (1) Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him of its property; (2) This section applies also to the representatives of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representatives of the last surviving partner.
Mich. Comp. Laws § 449.21
Partner; accountability as fiduciary
Applied in 9 court decisions — leading case Leeb v. Guy (In Re Guy) (1988)
Most recently applied in Urbain v. Beierling (May 2013)
1917, Act 72, Eff
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.