50-73.91 - Partner agent of partnership. - Virginia Statutes

§ 50-73.91. Partner agent of partnership.

Subject to the effect of a statement of partnership authority under §50-73.93:

1. Each partner is an agent of the partnership for the purpose of itsbusiness. An act of a partner, including the execution of an instrument inthe partnership name, for apparently carrying on in the ordinary course thepartnership business or business of the kind carried on by the partnershipbinds the partnership, unless the partner had no authority to act for thepartnership in the particular matter and the person with whom the partner wasdealing knew or had received a notification that the partner lacked authority.

2. An act of a partner which is not apparently for carrying on in theordinary course the partnership business or business of the kind carried onby the partnership binds the partnership only if the act was authorized bythe other partners.

(1996, c. 292.)