State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 66

§  66.  Power  of  partner  to bind partnership to third persons after  dissolution. (1) After dissolution a partner can  bind  the  partnership  except as provided in subdivision three    (a)  By  any  act  appropriate  for  winding up partnership affairs or  completing transactions unfinished at dissolution;    (b) By any transaction which would bind the partnership if dissolution  had not taken place, provided the other party to the transaction    (I) Had extended credit to the partnership prior  to  dissolution  and  had no knowledge or notice of the dissolution; or    (II)  Though  he had not so extended credit, had nevertheless known of  the partnership prior to the dissolution, and, having  no  knowledge  or  notice  of  dissolution, the fact of dissolution had not been advertised  in a newspaper of general circulation in the place (or in each place  if  more  than  one) at which the partnership business was regularly carried  on.    2. The liability of a partner under subdivision  one,  paragraph  (b),  shall be satisfied out of partnership assets alone when such partner had  been prior to dissolution    (a) Unknown as a partner to the person with whom the contract is made;  and    (b)  So  far  unknown  and  inactive  in  partnership affairs that the  business reputation of the partnership could not be said to have been in  any degree due to his connection with it.    3. The partnership is in no case bound by any act of a  partner  after  dissolution    (a) Where the partnership is dissolved because it is unlawful to carry  on the business, unless the act is appropriate for winding up partnerhip  affairs; or    (b) Where the partner has become bankrupt; or    (c) Where the partner has no authority to wind up partnership affairs,  except by a transaction with one who    (I)  Had  extended  credit to the partnership prior to dissolution and  had no knowledge or notice of his want of authority; or    (II) Had not extended credit to the partnership prior to  dissolution,  and, having no knowledge or notice of his want of authority, the fact of  his want of authority has not been advertised in the manner provided for  advertising  the  fact of dissolution in subdivision one, paragraph (b),  clause (II).    4. Nothing in this section shall affect the  liability  under  section  twenty-seven  of  any person who after dissolution represents himself or  consents to another representing him  as  a  partner  in  a  partnership  engaged in carrying on business.

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 66

§  66.  Power  of  partner  to bind partnership to third persons after  dissolution. (1) After dissolution a partner can  bind  the  partnership  except as provided in subdivision three    (a)  By  any  act  appropriate  for  winding up partnership affairs or  completing transactions unfinished at dissolution;    (b) By any transaction which would bind the partnership if dissolution  had not taken place, provided the other party to the transaction    (I) Had extended credit to the partnership prior  to  dissolution  and  had no knowledge or notice of the dissolution; or    (II)  Though  he had not so extended credit, had nevertheless known of  the partnership prior to the dissolution, and, having  no  knowledge  or  notice  of  dissolution, the fact of dissolution had not been advertised  in a newspaper of general circulation in the place (or in each place  if  more  than  one) at which the partnership business was regularly carried  on.    2. The liability of a partner under subdivision  one,  paragraph  (b),  shall be satisfied out of partnership assets alone when such partner had  been prior to dissolution    (a) Unknown as a partner to the person with whom the contract is made;  and    (b)  So  far  unknown  and  inactive  in  partnership affairs that the  business reputation of the partnership could not be said to have been in  any degree due to his connection with it.    3. The partnership is in no case bound by any act of a  partner  after  dissolution    (a) Where the partnership is dissolved because it is unlawful to carry  on the business, unless the act is appropriate for winding up partnerhip  affairs; or    (b) Where the partner has become bankrupt; or    (c) Where the partner has no authority to wind up partnership affairs,  except by a transaction with one who    (I)  Had  extended  credit to the partnership prior to dissolution and  had no knowledge or notice of his want of authority; or    (II) Had not extended credit to the partnership prior to  dissolution,  and, having no knowledge or notice of his want of authority, the fact of  his want of authority has not been advertised in the manner provided for  advertising  the  fact of dissolution in subdivision one, paragraph (b),  clause (II).    4. Nothing in this section shall affect the  liability  under  section  twenty-seven  of  any person who after dissolution represents himself or  consents to another representing him  as  a  partner  in  a  partnership  engaged in carrying on business.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 66

§  66.  Power  of  partner  to bind partnership to third persons after  dissolution. (1) After dissolution a partner can  bind  the  partnership  except as provided in subdivision three    (a)  By  any  act  appropriate  for  winding up partnership affairs or  completing transactions unfinished at dissolution;    (b) By any transaction which would bind the partnership if dissolution  had not taken place, provided the other party to the transaction    (I) Had extended credit to the partnership prior  to  dissolution  and  had no knowledge or notice of the dissolution; or    (II)  Though  he had not so extended credit, had nevertheless known of  the partnership prior to the dissolution, and, having  no  knowledge  or  notice  of  dissolution, the fact of dissolution had not been advertised  in a newspaper of general circulation in the place (or in each place  if  more  than  one) at which the partnership business was regularly carried  on.    2. The liability of a partner under subdivision  one,  paragraph  (b),  shall be satisfied out of partnership assets alone when such partner had  been prior to dissolution    (a) Unknown as a partner to the person with whom the contract is made;  and    (b)  So  far  unknown  and  inactive  in  partnership affairs that the  business reputation of the partnership could not be said to have been in  any degree due to his connection with it.    3. The partnership is in no case bound by any act of a  partner  after  dissolution    (a) Where the partnership is dissolved because it is unlawful to carry  on the business, unless the act is appropriate for winding up partnerhip  affairs; or    (b) Where the partner has become bankrupt; or    (c) Where the partner has no authority to wind up partnership affairs,  except by a transaction with one who    (I)  Had  extended  credit to the partnership prior to dissolution and  had no knowledge or notice of his want of authority; or    (II) Had not extended credit to the partnership prior to  dissolution,  and, having no knowledge or notice of his want of authority, the fact of  his want of authority has not been advertised in the manner provided for  advertising  the  fact of dissolution in subdivision one, paragraph (b),  clause (II).    4. Nothing in this section shall affect the  liability  under  section  twenty-seven  of  any person who after dissolution represents himself or  consents to another representing him  as  a  partner  in  a  partnership  engaged in carrying on business.

Categories