Indian Partnership Act, 1932
Section - 27 - Liability of firm for misapplication by partners
Liability of firm for misapplication by partners
27. Where-
the firm is liable to make good the loss.
| (a) | - | a partner acting within his apparent authority receives money or property from a third party and misapplies it, or |
| (b) | - | a firm in the course of its business receives money or property from a third party, and the money or property is misapplied by any of the partners while it is in the custody of the firm, |
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