section 49
Payment of firm debts and of separate debts
The Jammu and Kashmir State Partnership Act, 1939Corporate193963 sections5 chapters
Chapter VI Chapter VI
Statutory text
Payment of firm debts and of separate debts.--Where there are joint debts due from the firm, and also separate debts due from any partner, the property of the firm shall be applied in the first instance in payment of the debts of the firm, and, if there is any surplus, then the share of each partner shall be applied in payment of his separate debts or paid to him.
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