New Jersey § 42:5-4
Full text of New Jersey New Jersey Statutes § 42:5-4, with citation guidance and answers to common questions.
§ 42:5-4.
1. A compromise or composition with individual members of a partnership shall not: a. Discharge the other copartners; b. Impair the right of any creditor to proceed at law or in equity against such copartners
who have not been discharged for the balance of said partnership debt after the ratable
portion of said debtor so released shall have been deducted therefrom. 2. No such compromise or composition shall prevent any member of the partnership not
discharged thereby from: a. Using as a set-off any demand against such creditors which could have been set
off had suit been brought against all the individuals composing such firm; b. Availing himself of any defense at law or in equity, except that he shall not set
up the discharge of one individual as a discharge of the other copartners other than
to the extent of the ratable portion of such discharged individual, unless it shall
appear that all were intended to be so discharged.
Frequently Asked Questions About New Jersey § 42:5-4
What does New Jersey Statutes § 42:5-4 cover?
Section 42:5-4 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 42:5-4?
A common citation format is "New Jersey Statutes § 42:5-4" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 42:5-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.