76. Liability for debts incurred before a partner's retirement.

A partner who retires from a firm does not thereby cease to be liable for partnership debts or obligations incurred before his retirement1; but he may be discharged from any existing liabilities by an agreement to that effect between himself and the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted2. The same principles apply when the retiring partner has been only a sleeping partner