Does a bank account overdraft constitute a partnership obligation to each of the partners?
"New York", United States of America
The following excerpt is from Bank of Commerce v. De Santis, 114 Misc.2d 491, 451 N.Y.S.2d 974 (N.Y. City Ct. 1982):
The facts establish that the overdraft in the partnership checking account is a partnership obligation and, therefore, the obligation of each of the partners. Their individual liability arises out of the notion of a partnership and is an incident thereof. Ruzicka v. Rager, 305 N.Y. 191, 111 N.E.2d 878.
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