Where payment of a debt owing to a firm has been made, a partner in that firm has implied authority to release that debt1, even where it is released by deed executed by him 'for self and partner'2; but under normal principles a mere covenant not to sue by one partner only does not release a partnership debt3, and a partner has no implied authority to discharge a separate debt of his own by agreeing that it should be set off against a debt due to his firm4. A release, not by deed, of one partner by a creditor
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This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having an intercreditor agreement and when an intercreditor agreement would be used instead of a deed of priority or subordination deed•provides links to
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Case number [insert number][In the principal registryORIn the [insert court location] FAMILY court]Sitting at [insert place]Notice of actingBetween[insert petitioner name]Petitionerand[insert respondent name]RespondentTake notice that we [insert name of firm] have been appointed to act as the
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