New Jersey Statutes
§ 42:5-1 — Separate compromise with creditors by individual partner
New Jersey § 42:5-1
JurisdictionNew Jersey
Title 42PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
This text of New Jersey § 42:5-1 (Separate compromise with creditors by individual partner) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.J. Stat. Ann. § 42:5-1 (2026).
Text
Whenever any partnership has been or shall be dissolved by mutual consent or otherwise, any partner may make a separate composition or compromise with any one or all of the creditors of such partnership, and such composition or compromise shall be a full discharge to the partner making the same, and to him only, of and from all liability, incurred by reason of his connection with the partnership, to the creditors with whom the compromise is made.
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Bluebook (online)
New Jersey § 42:5-1, Counsel Stack Legal Research, https://law.counselstack.com/statute/nj/42/42%3A5-1.