The partnership is bound to make good the loss:
(1) When one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and
(2) When the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership.
HISTORY: 1962 Code Section 52-26; 1952 Code Section 52-26; 1950 (46) 1841.
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