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        Partnership Firms

        Section 27 - Liability of firm for misapplication by partners

        Indian Partnership Act, 1932
        Chapter IV
        RELATIONS OF PARTNERS TO THIRD PARTIES

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        Firm liability for partner misapplication: firm must make good loss when partner misapplies entrusted money or property. Liability arises where a partner, acting within his apparent authority, receives money or property from a third party and misapplies it, or where a firm in the course of its business receives money or property from a third party and any partner misapplies that money or property while it remains in the firm's custody; in either case the firm is required to make good the loss.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Firm liability for partner misapplication: firm must make good loss when partner misapplies entrusted money or property.

                                Liability arises where a partner, acting within his apparent authority, receives money or property from a third party and misapplies it, or where a firm in the course of its business receives money or property from a third party and any partner misapplies that money or property while it remains in the firm's custody; in either case the firm is required to make good the loss.


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