Section 33-41-360 - Partnership is bound by partner's breach of trustThe partnership is bound to make good the loss:
(1) When one partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and(2) When the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership.1950 (46) 1841; 1952 Code Section 52-26; 1962 Code Section 52-26.