14-8-39. Rescission of partnership agreement following fraud or misrepresentation.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Where a partnership agreement is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto the party entitled to rescind is, without prejudice to any other right, entitled:
(1)
To a lien on, or a right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by him for the purchase of an interest in the partnership and for any capital or advances contributed by him;#
(2)
To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by him in respect of the partnership liabilities; and#
(3)
To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 14-8-39, enacted by Ga. L. 1984, p. 1439, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t14-(v12)-2017-pdf.pdf, Volume V12, 2017 edition, page 941; merge action: carried; file SHA-256 f2fad2b71b39.

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