Partnership Act, 1932

Section 56

Duty of partners to indemnify partner in respect of payments to third parties

⚡ Quick Answer Reference: Section 56 Partnership Act, 1932

Provision: Section 56 of Partnership Act, 1932
Act: Partnership Act, 1932
Classification: commercial
Jurisdiction: India

Statutory Content

What does Section 56 of Partnership Act, 1932 say?

Every partner shall indemnify the firm for any loss or damage sustained by the firm for which the partner is responsible and for which the firm is not entitled to be indemnified by third parties. The partner shall also indemnify the firm for any payment made by the firm to third parties in good faith and without negligence, in respect of any liability incurred by the firm.

Indian StandardSection 56, Partnership Act, 1932

Bluebook (21st ed.)Partnership Act, 1932, § 56 (India)

Court Pleading StandardSection 56 of the Partnership Act, 1932

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

Common Questions about Section 56 Partnership Act, 1932

What is Section 56 of Partnership Act, 1932?

Section 56 of the Partnership Act, 1932 (Partnership Act, 1932) defines and regulates "Duty of partners to indemnify partner in respect of payments to third parties". The section states: Every partner shall indemnify the firm for any loss or damage sustained by the firm for which the partner is responsible and for which the firm is not entitled to be indemnified by...

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