Section 10-8-54

(Repealed effective January 1, 2001) Liability of partnership for breach of trust.

The partnership is bound to make good the loss:

(1) Where one partner, acting within the scope of his apparent authority, receives money or property of a third person and misapplies it; and

(2) Where 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.

(Acts 1971, No. 1513, p. 2609, §14.)