A customer of a banking firm deposited with the firm a box containing securities Afterwards he autho...........

Indian Partnershoip Act (IPA) 1930 Right and Duties etc

A customer of a banking firm deposited with the firm a box containing securities. Afterwards he authorized one of the partners only to take out some of the securities and to replace them by some other. The partner thereafter misappropriated the securities. In this case –

The firm was not liable when the partner misappropriated the securities

The firm is liable for the act of the partner

The liability is that of the partner as well as the firm

None of the above

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