Section 43 Partnership Act, 1932 Explained: Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of death | Nyaya

Statutory Content

What does Section 43 of Partnership Act, 1932 say?

Where a partner dies, every other partner shall indemnify the firm for any loss or damage sustained by the firm by reason of any payment made, or any debt contracted, by the deceased partner in good faith in or for the benefit of the firm, and shall also indemnify every other partner in respect of any loss or damage sustained by him in consequence of any dishonest act or omission of the deceased partner.

Indian StandardSection 43, Partnership Act, 1932

Bluebook (21st ed.)Partnership Act, 1932, § 43 (India)

Court Pleading StandardSection 43 of the Partnership Act, 1932

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

Common Questions about Section 43 Partnership Act, 1932

What is Section 43 of Partnership Act, 1932?

Section 43 of the Partnership Act, 1932 (Partnership Act, 1932) defines and regulates "Duty of partners to indemnify partner in respect of payments made and debts contracted by him in cases of death". The section states: Where a partner dies, every other partner shall indemnify the firm for any loss or damage sustained by the firm by reason of any payment made, or any debt contracted, by the deceas...

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