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New Jersey Statutes, Title: 42, PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Chapter 5: Separate compromise with creditors by individual partner
Section: 42:5-2: Debtor to take creditor's memorandum; use in evidence
Every partner making a composition or compromise under authority of section 42:5-1 of this title shall take from the creditors with whom he may make the same, a note or memorandum, in writing, exonerating him from any individual liability incurred by reason of his connection with such partnership, which note or memorandum may be pleaded in bar of the creditors' rights of recovery against him.
This section added to the Rutgers Database: 2012-09-26 13:37:53.
Older versions of 42:5-2 (if available):
Court decisions that cite this statute:
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