Page:United States Statutes at Large Volume 76A.djvu/290

–194– -194§ 2895. Partner may require application of partnership property to payment of debts Each member of a partnership may require its property to be applied to the discharge of its debts, and has a lien upon the shares of the other partners for this purpose, and for the payment of the general balance, if any, due to him. § 2896. What property is partnership property by presumption Property acquired with partnership funds is presumed to be partnership property. Subchapter III—Mutual Obligation of Partners § 2921. Partners as trustees for each other The relations of partners are confidential. They are trustees for each other within the meaning of chapter 161 of Title 7, and their obligations as such trustees are defined by that chapter. § 2922. Good faith to be observed between partners In all proceedings connected with the formation, conduct, dissolution, and liquidation of a partnership, a 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 misrepresentation, concealment, threat, or adverse pressure of any kind. § 2923. Mutualliability of partners to account A partner shall account to the partnership for everything that he receives on account thereof, and is entitled to reimbursement therefrom for everything that he properly expends for the benefit thereof, and to be indemnified thereby for all losses and risks which he necessarily incurs on its behalf. § 2924. No compensation for services to partnership A partner is not entitled to compensation for services rendered by him to the partnership, except by special agreement. Subchapter IV—Renunciation of Partnership § 2941. Renunciation of future profits exonerates from liability A partner may exonerate himself from all future liability to a third person, on account of the partnership, by renouncing, in good faith, all participation in its future profits, and giving notice to the third person, and to his own copartners, that he lias made a renunciation, and that, as far as may be in his power, he dissolves the partnership and does not intend to be liable on account thereof for the future. § 2942. Effect of renunciation After a partner has given notice of his renunciation of the partnership, he may not claim any of its subsequent profits, and his copartners may proceed to dissolve the partnership.

CHAPTER 81—GENERAL PARTNERSHIP SI'IJCHAI'TKH I—C.KXKUAI. PUOVISIO.XS

Sec.

2971. Definition of general partnership. SUncHAPTER II—POWEKB AND AUTHORITY OF PARTNERS

2991. Power of majority of partners. 2992. Authority of individual partner. 2993. Acts prohibited to individual partners. 2994. Effect of partner's acts in bad faith.

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