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.