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.
Section 49: Payment of firm debts and of separate debts.
The Indian Partnership Act, 1932Central Act · Act 9 of 1932
Where this provision sits
| Act | The Indian Partnership Act, 1932 |
|---|---|
| Section | 49 |
| Marginal note | Payment of firm debts and of separate debts. |
| Jurisdiction | Central |
| Status | In force as published by the source |
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