Indiana § 23-4-1-39 - Rights where partnership is dissolved for fraud or misrepresentation
Full text of Indiana Indiana Code § 23-4-1-39 — Rights where partnership is dissolved for fraud or misrepresentation, with citation guidance and answers to common questions.
§ 23-4-1-39. Rights where partnership is dissolved for fraud or misrepresentation
Sec. 39. Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled,
(a) To a lien on, or right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by him for the purchase of an interest in the partnership and for any capital or advances contributed by him; and
(b) To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by him in respect of the partnership liabilities; and
(c) To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership.
Formerly: Acts 1949, c.114, s.39.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 23-4-1-39
What does Indiana Code § 23-4-1-39 cover?
Section 23-4-1-39 ("Rights where partnership is dissolved for fraud or misrepresentation") is part of the Indiana Code, the codified statutory law of Indiana. 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 Indiana § 23-4-1-39?
A common citation format is "Indiana Code § 23-4-1-39" (Indiana). 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 Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 23-4-1-39 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana 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 Indiana.