Victorian Current Acts

PARTNERSHIP ACT 1958 - SECT 45

Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto the party entitled to rescind is without prejudice to any other right entitled—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;

        (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.

No. 3745 s. 46.