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PARTNERSHIP ACT 1890 - SECT 41

Rights where partnership dissolved for fraud or misrepresentation.

41. Where a partnership contract is rescinded on the ground of the fraud or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

(a)to a lien on, or right of retention of, the surplus of the partnership
assets, after satisfying the partnership liabilities, for any sum of money
paid by him for the purchase of a share in the partnership and for any capital
contributed by him, and is

(b)to stand in the place of the creditors of the firm for any payments made by
him in respect of the partnership liabilities, and

(c)to be indemnified by the person guilty of the fraud or making the
representation against all the debts and liabilities of the firm.

© 1890 Crown Copyright

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