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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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COURTS AND JUDICIAL PROCEEDINGS |
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TITLE 5. LIMITATIONS, PROHIBITED ACTIONS, AND IMMUNITIES |
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SUBTITLE 4. IMMUNITIES AND PROHIBITED ACTIONS -- BUSINESSES, ASSOCIATIONS, AND CHARITIES |
§ 5-420. Immunity -- New partner in existing partnership
Latest version.
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(a) "Partnership" defined. -- In this section, "partnership" has the meaning stated in § 9A-101 of the Corporations and Associations Article.
(b) Liability for prior obligations. -- A person who is admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before the person's admission as though the person had been a partner when the obligations were incurred, except that this liability shall be satisfied only out of the property of the partnership.