59-69. Rights where partnership is dissolved for fraud or misrepresentation.
Where partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled,
(1) To a lien on, or right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money by him for the purchase of an interest in the partnership and for any capital or advances contributed by him; and
(2) To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by him in respect of the partnership liabilities; and
(3) To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership. (1941, c. 374, s. 39.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 2 - Uniform Partnership Act.
§ 59-31 - North Carolina Uniform Partnership Act.
§ 59-32 - Definition of terms.
§ 59-33 - Interpretation of knowledge and notice.
§ 59-34 - Rules of construction.
§ 59-35 - Rules for cases not provided for in this Act.
§ 59-35.1 - Filing of documents.
§ 59-35.2 - Filing, service, and copying fees.
§ 59-36 - Partnership defined.
§ 59-37 - Rules for determining the existence of a partnership.
§ 59-38 - Partnership property.
§ 59-39 - Partner agent of partnership as to partnership business.
§ 59-39.1 - Act, admission or acknowledgment by partner.
§ 59-40 - Conveyance of real property of the partnership.
§ 59-41 - Partnership bound by admission of partner.
§ 59-42 - Partnership charged with knowledge of or notice to partner.
§ 59-43 - Partnership bound by partner's wrongful act.
§ 59-44 - Partnership bound by partner's breach of trust.
§ 59-46 - Partner by estoppel.
§ 59-47 - Liability of incoming partner.
§ 59-48 - Rules determining rights and duties of partners.
§ 59-50 - Duty of partners to render information.
§ 59-51 - Partner accountable as a fiduciary.
§ 59-52 - Right to an account.
§ 59-53 - Continuation of partnership beyond fixed term.
§ 59-54 - Extent of property rights of a partner.
§ 59-55 - Nature of a partner's right in specific partnership property.
§ 59-56 - Nature of partner's interest in the partnership.
§ 59-57 - Assignment of partner's interest.
§ 59-58 - Partner's interest subject to charging order.
§ 59-59 - Dissolution defined.
§ 59-60 - Partnership not terminated by dissolution.
§ 59-61 - Causes of dissolution.
§ 59-62 - Dissolution by decree of court.
§ 59-63 - General effect of dissolution on authority of partner.
§ 59-64 - Right of partner to contribution from copartners after dissolution.
§ 59-66 - Effect of dissolution on partner's existing liability.
§ 59-68 - Rights of partners to application of partnership property.
§ 59-69 - Rights where partnership is dissolved for fraud or misrepresentation.
§ 59-70 - Rules for distribution.
§ 59-71 - Liability of persons continuing the business in certain cases.
§ 59-72 - Rights of retiring partner or estate of deceased partner when the business is continued.