Subject to the effect of a statement of partnership authority under AS 32.06.303 ,
(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 does not have authority to act for the partnership in the particular matter and the person with whom the partner is dealing knows or has received a notification that the partner lacks 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 does not bind the partnership unless the act was authorized by the other partners.
Section: 32.06.301 32.06.302 32.06.303 32.06.304 32.06.305 32.06.306 32.06.307 32.06.308 NextLast modified: November 15, 2016