2013 South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
CHAPTER 41 - UNIFORM PARTNERSHIP ACT
SECTION 33-41-540. Partner is 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 representative of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representative of the last surviving partner.
HISTORY: 1962 Code Section 52-44; 1952 Code Section 52-44; 1950 (46) 1841.
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