15Misapplication of money or property received for, or in

15 Misapplication of money or property received for, or in custody of, firm (1) If either or both of the following happens, a firm that is not an incorporated limited partnership is liable to make good the loss: (a) a partner in the firm, acting within the scope of the partner’s apparent authority, receives someone else’s money or property and misapplies it; (b) in the course of the firm’s business, the firm receives someone else’s money or property, and the money or property is misapplied by 1 or more of the partners while in the firm’s custody.

(2) If either or both of the following happens, an incorporated limited partnership is liable to make good the loss: (b) a general partner in the partnership, acting within the scope of the general partner’s apparent authority, receives someone else’s money or property and misapplies it; (b) in the course of the partnership’s business, the partnership receives someone else’s money or property, and the money or property is misapplied by 1 or more of the general partners while in the partnership’s custody. (3) In this section: someone else, in relation to a firm that is not an incorporated limited partnership or an incorporated limited partnership, does not include a partner in the partnership.