Victorian Current Acts

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Improper employment of trust property for partnership purposes

If a partner being a trustee improperly employs trust-property in the business or on the account of the partnership no other partner is liable for the trust-property to the persons beneficially interested therein:

Provided as follows—

    (1)     This section shall not affect any liability incurred by any partner by reason of his having notice of a breach of trust; and

    (2)     Nothing in this section shall prevent trust-money from being followed and recovered from the firm if still in its possession or under its control.

No. 3745 s. 18.

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