The partnership is in no case bound by any act of a partner after dissolution:
(1) When the partnership is dissolved because it is unlawful to carry on the business, unless the act is appropriate for winding up partnership affairs;
(2) When the partner has become bankrupt; or
(3) When the partner has no authority to wind up partnership affairs; Except by a transaction with one who
(a) had extended credit to the partnership prior to the dissolution and had no knowledge or notice of his want of authority or
(b) had not extended credit to the partnership prior to the dissolution and, having no knowledge or notice of the acting partner's want of authority, the fact of such want of authority has not been advertised in the manner provided for advertising the fact of dissolution in item (2)(b) of Section 33-41-970.
HISTORY: 1962 Code Section 52-69; 1952 Code Section 52-69; 1950 (46) 1841.
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