Sec. 21.
(Partner 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 representatives of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representatives of the last surviving partner.
History: 1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9861 ;-- CL 1948, 449.21
Structure Michigan Compiled Laws
Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48)
72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23)
Section 449.18 - Rules for Determining Rights and Duties of Partners.
Section 449.19 - Partnership Books; Location, Accessibility.
Section 449.20 - Partner; Duty to Render Information.
Section 449.21 - Partner; Accountability as Fiduciary.
Section 449.22 - Partner; Right to Formal Account.
Section 449.23 - Partnership; Continuation Beyond Fixed Term.