(1) A person who is
admitted as a partner into an existing firm does not thereby become liable to
the creditors of the firm for anything done or omitted before he became a
(2) A partner who
retires from a firm does not thereby cease to be liable for partnership debts
or obligations incurred before his retirement.
(3) A retiring partner
may be discharged from any existing liabilities, and an incoming partner may
become subject thereto by an agreement to that effect between himself and the
members of the firm as newly constituted and the creditors, and such agreement
may be either express or inferred as a fact from the course of dealing between
the creditors and the firm as newly constituted.