§ 59-44. Partnership bound by partner's breach of trust. - North Carolina Statutes

§59‑44.  Partnership bound by partner's breach of trust.

The partnership is bound tomake good the loss:

(1)        Where one partneracting within the scope of his apparent authority receives money or property ofa third person and misapplies it; and

(2)        Where thepartnership in the course of its business receives  money or property of athird person and the money or property so received is misapplied by any partnerwhile it is in the custody of the partnership. (1941, c. 374, s. 14.)