115. Partnership property.

(4)     Partnership Property and Separate Property of Partners

115.     Partnership property.

All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise1, on account of the firm, or for the purposes and in the course of the partnership business, must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement2. Bank drafts obtained by a partner in excess of his authority do not, however, become partnership property3.

A partner may be