29-1021. Partner agent of partnership
Subject to the effect of a statement of partnership authority under section 29-1023:
1. Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing knew or had received a notification that the partner lacked authority.
2. An act of a partner that is not apparently for carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership only if the act was authorized by the other partners.
Section: Previous 29-1005 29-1006 29-1007 29-1011 29-1012 29-1013 29-1014 29-1021 29-1022 29-1023 29-1024 29-1025 29-1026 29-1027 29-1028 NextLast modified: October 13, 2016