Sec. 15. (Nature of partner's liability). Except as otherwise provided by section 46, all partners are liable for both of the following: (a) Jointly and severally for everything chargeable to the partnership under sections 13 and 14. (b) Jointly for all other debts and obligations of the partnership. However, a partner may enter into a separate obligation to perform a partnership contract. History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9855 ;-- CL 1948, 449.15 ;-- Am. 1994, Act 323, Imd. Eff. Oct. 12, 1994
‹ Prev All Michigan sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.