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§ 5-420. Partners and partnerships

West's Annotated Code of MarylandCourts and Judicial Proceedings

West's Annotated Code of Maryland
Courts and Judicial Proceedings
Title 5. Limitations, Prohibited Actions, and Immunities (Refs & Annos)
Subtitle 4. Immunities and Prohibited Actions--Businesses, Associations, and Charities (Refs & Annos)
MD Code, Courts and Judicial Proceedings, § 5-420
§ 5-420. Partners and partnerships
Currentness
Partnership defined in Corporations and Associations Article
(a) In this section, “partnership” has the meaning stated in § 9A-101 of the Corporations and Associations Article.
Partners liable for obligations of partnership
(b) A person who is admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before the person's admission as though the person had been a partner when the obligations were incurred, except that this liability shall be satisfied only out of the property of the partnership.

Credits

Added as Courts and Judicial Proceedings § 5-351 by Acts 1990, c. 546, § 3, eff. Oct. 1, 1990. Renumbered as Courts and Judicial Proceedings § 5-420 by Acts 1997, c. 14, § 9, eff. April 8, 1997.
MD Code, Courts and Judicial Proceedings, § 5-420, MD CTS & JUD PRO § 5-420
Current through legislation effective through June 1, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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