7-60-114. Partner's breach of trust - liability

7-60-114. Partner's breach of trust - liability. (1) The partnership is bound to make good the loss: (a) Where one partner acting within the scope of such partner's apparent authority receives money or property of a third person and misapplies it; and (b) Where the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership.