Sec. 4. The following rules of construction apply to this chapter:
(1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.
(2) The law of estoppel shall apply under this chapter.
(3) The law of agency shall apply under this chapter.
(4) This chapter shall be so interpreted and construed as to effect its general purpose to make uniform the law of those states which enact it.
(5) This chapter shall not be construed so as to impair the obligations of any contract existing on January 1, 1950, nor to affect any action or proceedings begun or right accrued before January 1, 1950.
(6) All references to this chapter in the partnership agreement and other rules that govern the internal affairs of a partnership are considered references to IC 23-0.5 and IC 23-0.6 also.
Formerly: Acts 1949, c.114, s.4. As amended by P.L.34-1987, SEC.289; P.L.118-2017, SEC.34.
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