Page:United States Statutes at Large Volume 47 Part 1.djvu/1295

 72d C ONGRESS. SESS. II. CH. 128 . FEBRUAR Y 27, 1933 . SEC. 1093 . WH AT P ROP ERTY IS PARTNER SHIP PR OPERTY BY PRESUMP- TION .-Property acquired with partnership funds is presumed to b e part nersh ip pro perty. MUTUAL OBLIGATION OF PARTNERS- SEC. 1094. PARTNERS TRUSTEES FOR EA CH OTHER .-The relations of partners are confidential. They are trustees for each other within the meaning of chapter 49 of this code, and their obligations as such trustees are defined by that chapter. CROSS REFERENCE Chapte r 49 of t his code, see sect ions 986 to 1009. A52f , p• 125 8 . SEC, 1095. GOOD FAITH TO BE OBSERVED BETWEEN THEM : In all Good faith. proceedings connected with the formation, conduct, dissolution, and liquidation of a partnership, every partner is bound to act in the highest 'good faith toward his copartners. He may not obtain any ,advantage -over them in the partnership affairs by the slightest mis- representation, •c oncea lment, thr eat, or a dvers e pr essur e of any k ind. Cao ss T.tEF~REiw..F 9 SEC . 11396 . MutUaL LI ABILITY OF PARTNERS TO ACCOUNT.-Each member of a partnership must account to it for everything that he receives on account thereof, and is entitled to r ei mb urs em en t there - from for everything that he properly expends for the benefit thereof, and to be indemnified thereby for all losses and risks which he neces- sarily incurs on its behalf. Cross REFERENCE Partner's acts bind firm, see section 1102. Poet, p.1272 SEC;. 1097 . No COMPENSATION FOR SERVICES TO FIRM .-A partner 6e1N9,„ mponsat1OD tar is not entitled to any compensation for services rendered by him to the partnership, except by special agreement. RE NUNCIATI ON OF PARTNERSHIP SEC. 1098.-RENUNCIATION OF FUTURE PROFITS EXONERATES FROM LIABILITY .-A partner may exonerate himself from all future lia- bility to a third person, on account of the partnership, by renounc- ing, 1n good faith, all participation in its future profits, and giving notice to such third person, and to his own copartners, that he has made such renunciations and that, so far as may be in his power, he dissolves the partnership and does not intend to be liable on account thereof for the future. C ross REFER ENCE Dissolution of partnership, see sections 1113 et seq. Renunciation of part- nership. Renunciation of fu- ture profits ewneratm from liability. Post, p. 1274. 1271 Partnership property by presumption. Mutual obligation of partners. Trustees for each other. Mutual liability to srronnt. SEC. 1099. ?{:r ECT OF RENIINCIATION .--After a partner has given ti affect of renuneia • notice of his renunciation of the partnership, he can not claim any of its subsequent profits, and his copartners may proceed to dissolve the partnership. 7n wim ib ness paThner may not -engage, see ;sections 1106 ct eets. ost,ps273. Mutual ;obc.ga'tions -of partners, see sections 1105 et seq. t,3) • • Partners act in bad faith, effect of, see section 1104 . Post, p .1272.