Partnership Act 1908

  • repealed
  • Partnership Act 1908: repealed, on 21 April 2020, by section 85 of the Partnership Law Act 2019 (2019 No 53).
44 Rights where partnership dissolved for fraud or misrepresentation

Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled—

(a)

to a lien on or right of retention of the surplus of the partnership assets, after satisfying the partnership liabilities, for any sum of money paid by him or her for the purchase of a share in the partnership and for any capital contributed by him or her; and

(b)

to stand in the place of the creditors of the firm for any payments made by him or her in respect of the partnership liabilities; and

(c)

to be indemnified, by the person guilty of the fraud or making the representation, against all the debts and liabilities of the firm.

Compare: 1891 No 6 s 44