55. Money used by the firm.

55.     Money used by the firm.

The mere fact that money borrowed by a partner in his own name on security belonging to him personally has been used for the purposes of his firm with the knowledge of his partners does not render them liable1. There is no implication of law, from the mere existence of a trading partnership, that a partner has authority to bind the firm by opening a bank account on its behalf in his own name2.