Partnership bound by partner's breach of trust
Known as the Uniform Partnership Law
The act spans §§ 358–358 (55 sections).
Applied in 1 court decision — leading case Oetker v. Bullington (In Re Bullington) (1994)
Most recently applied in Oetker v. Bullington (In Re Bullington) (April 1994)
Effective: 28 Aug 1949; (L. 1949 p. 506 § 14)
The partnership is bound to make good the loss
(1) Where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and
(2) 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.
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.