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Partnership bound by partner's breach of trust.

G.S. 59-44
in effect
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§ 59-44.  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. (1941, c. 374, s. 14.)
Source: North Carolina General Assembly (ncleg.gov)URL: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_59/GS_59-44.htmlFetched: 10/19/2026

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