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.
N.C. Gen. Stat. § 59-47
Liability of incoming partner
Known as the North Carolina Uniform Partnership Act
The act spans §§ 59–59 (46 sections).
1941, c. 374, s. 17.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.