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.
S.C. Code Ann. § 33-41-390
Liability of incoming partner
Known as the Uniform Partnership Act
The act spans §§ 33–33 (61 sections).
Applied in 1 court decision — leading case Robert Trent Jones, Inc. v. B-F Ltd. Partnership (1981)
Most recently applied in Robert Trent Jones, Inc. v. B-F Ltd. Partnership (June 1981)
1962 Code SECTION 52-29; 1952 Code SECTION 52-29; 1950 (46) 1841.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.