§ 59-44 – Partnership bound by partner's breach of trust.
59-44. Partnership bound by partner’s breach of trust. The partnership is bound to make good the loss: (1) Where one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and (2) Where the partnership in the course of its business receives money or property […]
§ 59-45 – Nature of partner's liability in ordinary partnerships and in registered limited liability partnerships.
59-45. Nature of partner’s liability in ordinary partnerships and in registered limited liability partnerships. (a) Except as provided by subsections (a1) and (b) of this section, all partners are jointly and severally liable for the acts and obligations of the partnership. (a1) Except as provided in subsection (b) of this section, a partner in a […]
§ 59-46 – Partner by estoppel.
59-46. Partner by estoppel. (a) When a person, by words spoken or written, by conduct, or by contract, represents himself, or consents to another representing him to anyone, as a partner in an existing partnership or with one or more persons not actual partners, he is liable to any such person to whom such representation […]
§ 59-38 – Partnership property.
59-38. Partnership property. (a) All property originally brought into the partnership stock or subsequently acquired by purchase or otherwise, on account of the partnership, is partnership property. (b) Unless the contrary intention appears, property acquired with partnership funds is partnership property. (c) Any estate in real property may be acquired in the partnership name. Title […]
§ 59-31 – North Carolina Uniform Partnership Act.
59-31. North Carolina Uniform Partnership Act. Articles 2 through 4A, inclusive, of this Chapter shall be known and may be cited as the North Carolina Uniform Partnership Act. (1941, c. 374, s. 1; 2000-140, s. 101(j); 2001-487, s. 20.)
§ 59-32 – Definition of terms.
59-32. Definition of terms. As used in this Chapter, except as otherwise defined in Article 5 of this Chapter for purposes of that Article, the following definitions apply: (1) Act. – The North Carolina Uniform Partnership Act and refers to all provisions therein. (1a) Bankrupt. – Bankrupt under the Federal Bankruptcy Act or insolvent under […]
§ 59-33 – Interpretation of knowledge and notice.
59-33. Interpretation of knowledge and notice. (a) A person has "knowledge" of a fact within the meaning of this Act not only when he has actual knowledge thereof, but also when he has knowledge of such other facts as in the circumstances show bad faith. (b) A person has "notice" of a fact within the […]
§ 59-34 – Rules of construction.
59-34. Rules of construction. (a) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this Act. (b) The law of estoppel shall apply under this Act. (c) The law of agency shall apply under this Act. (d) This Article shall be so interpreted and […]
§ 59-35 – Rules for cases not provided for in this Act.
59-35. Rules for cases not provided for in this Act. In any case not provided for in this Act, the rules of law and equity, including the law merchant, shall govern. (1941, c. 374, s. 5; 2000-140, s. 101(m).)
§ 59-35.1 – Filing of documents.
59-35.1. Filing of documents. (a) A document required or permitted by this Act to be filed by the Secretary of State must be filed under Chapter 55D of the General Statutes. (b) A document submitted for filing by the Secretary of State on behalf of a general partnership must be executed by a general partner […]