The Home Library of Law .. 4

Cover The Home Library of Law .. 4
The Home Library of Law .. 4
Albert Sidney Bolles
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29. The retirement of a partner also causes a dissolu- tion. The law regards the remaining partners as a new firm, even though the name remains unchanged.
30. A retiring partner should give notice by public advertisement of his retirement. It is also said that he should give personal notice, by letter or otherwise, to all who usually do business with the firm. This is not the rule everjrwhere. After such a notice he is not respon- sible, even though his name is retained by the other part- ners
...in the firm without his consent. Nor is he respon- 6o2 THE HOME LIBRARY OF LAW sible to anyone who has actual knowledge of his retire- ment.
31. A dormant or secret partner is not liable for a debt contracted after his retirement, although no notice has been given by him; for, as he is unknown and cannot add credit to the firm, his retirement does not affect his liability.
32. The property of a partnership is bound for part- nership debts, and the creditor of a partner has no claim to partnership funds imtil the partnership debts are paid.


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