|
|
Court OpinionsState LawsUS CodeUS Constitution |
New York Partnership Law Section 70 - Rights Where Partnership Is Dissolved For Fraud, Or Misrepresentation.Legal Research Home > New York Lawyer > Partnership > New York Partnership Law Section 70 - Rights Where Partnership Is Dissolved For Fraud, Or Misrepresentation.
§ 70. Rights where partnership is 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 Where a partnership contract is rescinded on the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 property after satisfying the partnership liabilities to
third persons for any sum of money paid by him for the purchase of an
interest in the partnership and for any capital or advances contributed
by him; and
(b) To stand, after all liabilities to third persons have been
satisfied, in the place of the creditors of the partnership for any
payments made by him in respect of the partnership liabilities; and
(c) To be indemnified by the person guilty of the fraud or making the
representation against all debts and liabilities of the partnership.
Last modified: August 9, 2006 |