Section 5-420 - Immunity - New partner in existing partnership. - Maryland Statutes

§ 5-420. Immunity - New partner in existing partnership.
 

(a)  "Partnership" defined.- In this section, "partnership" has the meaning stated in § 9A-101 of the Corporations and Associations Article. 

(b)  Liability for prior obligations.- A person who is admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before the person's admission as though the person had been a partner when the obligations were incurred, except that this liability shall be satisfied only out of the property of the partnership. 
 

[1990, ch. 546, § 3; 1997, ch. 14, § 9; 1998, ch. 743, § 3; 2002, ch. 19, § 10.]