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Question 7: A, B and C are partners in a firm. As per terms of the partnership deed, A is entitled to 20
percent of the partnership property and profits. A retires from the firm and dies after 15 days. B and C
continue business of the firm without settling accounts. Explain the rights of Aโs legal representatives
against the firm under the Indian Partnership Act, 1932?
Answer 7: Section 37 of the Indian Partnership Act, 1932 provides that where a partner dies or otherwise
ceases to be a partner and there is no final settlement of account between the legal representatives of the
deceased partner or the firms with the property of the firm, then, in the absence of a contract to the
contrary, the legal representatives of the deceased partner or the retired partner are entitled to claim either.
(1) Such shares of the profits earned after the death or retirement of the partner which is attributable to the
use of his share in the property of the firm; or
(2) Interest at the rate of 6 per cent annum on the amount of his share in the property.
Based on the aforesaid provisions of Section 37 of the Indian Partnership Act, 1932, in the given problem,
Aโs Legal representatives shall be entitled, at their option to:
(a) the 20% shares of profits (as per the partnership deed); or
(b) interest at the rate of 6 per cent per annum on the amount of Aโs share in the property.
Question 8: X and Y are partners in a partnership firm. X introduced A, a manager, as his partner to Z. A
remained silent. Z, a trader believing A as partner supplied 100 T.V sets to the firm on credit. After expiry of
credit period, Z did not get amount of T.V sets sold to the partnership firm. Z filed a suit against X and A for
the recovery of price. Advice Z whether he can recover the amount from X and A under the Indian
Partnership Act, 1932.
Answer 8: In the given case, along with X, the Manager (A) is also liable for the price because he becomes
a partner by holding out (Section 28, Indian Partnership Act, 1932).
Partner by holding out (Section 28): Partnership by holding out is also known as partnership by estoppel.
Where a man holds himself out as a partner, or allows others to do it, he is then stopped from denying the
character he has assumed and upon the faith of which creditors may be presumed to have acted.
It is only the person to whom the representation has been made and who has acted thereon that has right
to enforce liability arising out of โholding outโ.
You must also note that for the purpose of fixing liability on a person who has, by representation, led
another to act, it is not necessary to show that he was actuated by a fraudulent intention.
The rule given in Section 28 is also applicable to a former partner who has retired from the firm without
giving proper public notice of his retirement. In such cases, a person who, even subsequent to the
retirement, give credit to the firm on the belief that he was a partner, will be entitled to hold him liable.
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Who all agrees๐ค๐ค๐ช๐ช
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Who else agrees โค๏ธโค๏ธ
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