LawgistThe Indian Partnership Act
49Payment of firm debts and of separate debts
Where there are joint debts due from the firm, and also separate debts due from any partner, the property of the firm shall be applied in the first instance in payment of the debts of the firm, and, if there is any surplus, then the share of each partner shall be applied in payment of his separate debts or paid to him. The separate property of any partner shall be applied first, in the payment of his separate debts, and the surplus (if any) in the payment of the debts of the firm.
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All sections
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Application of provisions of Act 9 of 1872
- 4 Definition of “partnership”, “partner”, “firm” and “firm name”
- 5 Partnership not created by status
- 6 Mode of determining existence of partnership
- 7 Partnership at will
- 8 Particular partnership
- 9 General duties of partners
- 10 Duty to indemnify for loss caused by fraud
- 11 Determination of rights and duties of partners by contract between the partners
- 12 The conduct of the business
- 13 Mutual rights and liabilities
- 14 The property of the firm
- 15 Application of the property of the firm
- 16 Personal profits earned by partners
- 17 Rights and duties of partners— after a change in the firm, after the expiry of the term of the firm, and where additional undertakings are carried ou
- 18 Partner to be agent of the firm
- 19 Implied authority of partner as agent of the firm
- 20 Extension and restriction of partner’s implied authority
- 21 Partner’s authority in an emergency
- 22 Mode of doing act to bind firm
- 23 Effect of admissions by a partner.
- 24 Effect of notice to acting partner
- 25 Liability of a partner for acts of the firm
- 26 Liability of the firm for wrongful acts of a partner
- 27 Liability of firm for misapplication by partners
- 28 Holding out
- 29 Rights of transferee of a partner ’s interest
- 30 Minors admitted to the benefits of partnership
- 31 Introduction of a partner
- 32 Retirement of a partner
- 33 Expulsion of a partner
- 34 Insolvency of a partner
- 35 Liability of estate of deceased partner
- 36 Rights of outgoing partner to carry on competing business
- 37 Right of outgoing partner in certain cases to share subsequent profits
- 38 Revocation of continuing guarantee by change in firm
- 39 Dissolution of a firm
- 40 Dissolution by agreement
- 41 Compulsory dissolution
- 42 Dissolution on the happening of certain contingencies
- 43 Dissolution by notice of partnership at will
- 44 Dissolution by the Court
- 45 Liability for acts of partners done after dissolution
- 46 Right of partners to have business wound up after dissolution
- 47 Continuing authority of partners for purposes of winding up
- 48 Mode of settlement of accounts between partners
- 49 Payment of firm debts and of separate debts
- 50 Personal profits earned after dissolution
- 51 Return of premium on premature dissolution
- 52 Rights where partnership contract is rescinded for fraud or misrepresentation
- 53 Right to restrain from use of firm name or firm property
- 54 Agreements in restraint of trade
- 55 Sale of goodwill after dissolution
- 56 Power to exempt from application of this Chapter
- 57 Appointment of Registrars
- 58 Application for registration
- 59 Registration
- 60 Recording of alterations in firm name and principal place of business
- 61 Noting of closing and opening of branches
- 62 Noting of changes in names and addresses of partners
- 63 Recording of changes in and dissolution of a firm
- 64 Rectification of mistakes
- 65 Amendment of Register by order of Court
- 66 Inspection of Register and filed documents
- 67 Grant of copies
- 68 Rules of evidence
- 69 Effect of non-registration
- 70 Penalty for furnishing false particulars
- 71 Power to make rules
- 72 Mode of giving public notice
- 73 [Repealed.]
- 74 Savings
