Liability of firm for misapplication by partners

Liability of firm for misapplication by partners.--Where--

1. (a) a partner acting within his apparent authority receives money or property from a third party and mis-applies it, or
2. (b) a firm in the course of its business receives money or property from a third party, and the money or property is mis-applied by any of the partners while it is in the custody of the firm, the firm is liable to make good the loss.