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New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 5: Separate compromise with creditors by individual partner
Section: 42:5-1: Separate compromise with creditors by individual partner
Whenever any partnership has been or shall be dissolved by mutual consent or otherwise, any partner may make a separate composition or compromise with any one or all of the creditors of such partnership, and such composition or compromise shall be a full discharge to the partner making the same, and to him only, of and from all liability, incurred by reason of his connection with the partnership, to the creditors with whom the compromise is made.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:5-1 (if available):
Court decisions that cite this statute:
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