486A.305 - PARTNERSHIP LIABLE FOR PARTNER'S ACTIONABLE CONDUCT. - Iowa Statutes

486A.305 PARTNERSHIP LIABLE FOR PARTNER'S ACTIONABLE CONDUCT. 1. A partnership is liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner acting in the ordinary course of business of the partnership or with authority of the partnership. 2. If, in the course of the partnership's business or while acting with authority of the partnership, a partner receives or causes the partnership to receive money or property of a person not a partner, and the money or property is misapplied by a partner, the partnership is liable for the loss.          Section History: Recent Form 98 Acts, ch 1201, §16, 79, 82