Amendment status not verified — confirm the current text below against the official source.
Rights where partnership contract is rescinded for fraud or misrepresentation - Where a contract creating partnership is rescinded on the ground of fraud or misrepresentation of any of the parties thereto, the party entitled rescind is, without prejudice to any other right entitled - To a lien on or a right of retention of, the surplus of the assets of the firm remaining after the debts of the firm have been paid for any sum paid by him for the purchase of a share in the firm and for any capital contributed by him. to rank as a creditor of the firm in respect of any payment Made by him to wards the debts of the firm and To be indemnified by the partner or partners guilty of the fraud or misrepresentation against all the debts of the firm.