Partnership Law and Accounts

Partnership Law and Accounts

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...between the creditor and the firm as newly constituted Sec. 17 (3). In other words, a retiring partner may be released from his obligation by a novation similar to the agreement under which creditors have a right of recourse against an incoming partner. Indeed, a novation of this kind often takes the form of the retirement of a partner, the incoming of a new partner, and the agreement of the new firm to take over the obligations of the old firm with the express or implied assent of the creditors. Where, however, there is neither express nor implied assent by the existing creditors of the firm, no agreement between the partners can release a retiring partner from his obligations in respect of liabilities existing at the date of his retirement, although the retiring partner would have a right to be indemnified by the firm if he is called upon by the creditors to meet such liabilities. The assent of creditors is generally obtained by the sending out of a circular to creditors and customers of the old firm, and so far as creditors are concerned, obtaining their express consent. Certain rules are given by Lord Lindley in his work on Partnership, and these may be summarised as follows--1. A creditor who releases one joint debtor thereby releases all, unless he, at the same time, acquires the right to obtain payment from the others. 2. An agreement by a creditor of several joint debtors to discharge one of them and depend on his rights against the others, is not necessarily invalid as being given without consideration, but see 1 above. 3. Either an express undertaking to release one of several joint debtors must be shown, or a course of dealing indicating such release must be proved. Release of a Dormant Partner. Where a dormant partner retires, an...show more

Product details

  • Paperback | 42 pages
  • 189 x 246 x 2mm | 95g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236574915
  • 9781236574916