27.
Liability of firm for misapplication by partners.-
Where - (a) a partner acting within his apparent
authority receives money or property from a
third party and misapplies it, or
(b) a firm in the course of
its business receives money or property from
a third party, and the money or property is
misapplied by any of the partners while it is
in the custody of the firm, the firm is liable
to make good the loss.
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