There Is a Newer Version of the New York Consolidated Laws
2012 New York Consolidated Laws
PTR - Partnership
Article 3 - (20 - 28) RELATIONS OF PARTNERS TO PERSONS DEALING WITH THE PARTNERSHIP.
25 - Partnership bound by partner's breach of trust.
NY Pship L § 25 (2012) What's This?
§ 25. Partnership bound by partner's breach of trust. 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.
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