South Carolina Statutes
§ 33-41-540 — Partner is accountable as a fiduciary.
(1)Every partner must account to the partnership for any benefit and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct or liquidation of the partnership or from any use by him of its property.
(2)This section applies also to the representative of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representative of the last surviving partner.
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South Carolina § 33-41-540 (Partner is accountable as a fiduciary.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 52-44; 1952 Code SECTION 52-44; 1950 (46) 1841.
Nearby Sections
15
§ 33-41-10
Short title.§ 33-41-1000
Liability under SECTION 33-41-380 not affected.§ 33-41-1020
Right to wind up partnership affairs.§ 33-41-1090
Accrual of right to an account.§ 33-41-1120
Name.§ 33-41-1130
Liability insurance.§ 33-41-1140
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