State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 70

§   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  Where a partnership contract  is  rescinded  on  the  ground  of the fraud or misrepresentation of one of the parties thereto,  the party entitled to rescind is, without prejudice to any other  right, 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.

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 70

§   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  Where a partnership contract  is  rescinded  on  the  ground  of the fraud or misrepresentation of one of the parties thereto,  the party entitled to rescind is, without prejudice to any other  right, 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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Ptr > Article-6 > 70

§   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  Where a partnership contract  is  rescinded  on  the  ground  of the fraud or misrepresentation of one of the parties thereto,  the party entitled to rescind is, without prejudice to any other  right, 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.

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