Colorado § 7-60-117 - Liability of incoming partner.
Full text of Colorado Colorado Revised Statutes § 7-60-117 — Liability of incoming partner., with citation guidance and answers to common questions.
§ 7-60-117. Liability of incoming partner.
A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before such admission as though the person had been a partner when such obligations were incurred; except that this liability shall be satisfied only out of partnership property.
Source: L. 31: p. 654, § 17. CSA: C. 123, § 17. CRS 53: § 104-1-17. C.R.S. 1963: § 104-1-17. L. 2004: Entire section amended, p. 1425, § 79, effective July 1.
ANNOTATION
This section held inapplicable to an incoming partner who expressly assumed a pre-existing obligation. Absent that express assumption however, the incoming partner's personal liability under a modified note would be limited to the amount of the new obligation created after his partnership interest began. Resolution Trust Corp. v. Teem P'ship, 835 F. Supp. 563 (D. Colo. 1993).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 7-60-117
What does Colorado Revised Statutes § 7-60-117 cover?
Section 7-60-117 ("Liability of incoming partner.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 7-60-117?
A common citation format is "Colorado Revised Statutes § 7-60-117" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 7-60-117 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.