Ch. 654

1997 LAWS OF MARYLAND

WITH THE ACTUAL OR PURPORTED PARTNERSHIP. IF THE REPRESENTATION,
EITHER BY THE PURPORTED PARTNER OR BY A PERSON WITH THE PURPORTED
PARTNER'S CONSENT, IS MADE IN A PUBLIC MANNER, THE PURPORTED PARTNER IS
LIABLE TO A PERSON WHO RELIES UPON THE PURPORTED PARTNERSHIP EVEN IF
THE PURPORTED PARTNER IS NOT AWARE OF BEING HELD OUT AS A PARTNER TO
THE CLAIMANT. IF PARTNERSHIP LIABILITY RESULTS, THE PURPORTED PARTNER IS
LIABLE WITH RESPECT TO THAT LIABILITY AS IF THE PURPORTED PARTNER WERE A
PARTNER. IF NO PARTNERSHIP LIABILITY RESULTS, THE PURPORTED PARTNER IS
LIABLE WITH RESPECT TO THAT LIABILITY JOINTLY AND SEVERALLY WITH ANY
OTHER PERSON CONSENTING TO THE REPRESENTATION.

(B)     IF A PERSON IS THUS REPRESENTED TO BE A PARTNER IN AN. EXISTING
PARTNERSHIP, OR WITH ONE OR MORE PERSONS NOT PARTNERS, THE PURPORTED
PARTNER IS AN AGENT OF PERSONS CONSENTING TO THE REPRESENTATION TO
BIND THEM TO THE SAME EXTENT AND IN THE SAME MANNER AS IF THE
PURPORTED PARTNER WERE A PARTNER, WITH RESPECT TO PERSONS WHO ENTER
INTO TRANSACTIONS IN RELIANCE UPON THE REPRESENTATION. IF ALL OF THE
PARTNERS OF THE EXISTING PARTNERSHIP CONSENT TO THE REPRESENTATION, A
PARTNERSHIP ACT OR OBLIGATION RESULTS. IF FEWER THAN ALL OF THE
PARTNERS OF THE EXISTING PARTNERSHIP CONSENT TO THE REPRESENTATION,
THE PERSON ACTING AND THE PARTNERS CONSENTING TO THE REPRESENTATION
ARE JOINTLY AND SEVERALLY LIABLE

(C)     A PERSON IS NOT LIABLE AS A PARTNER MERELY BECAUSE THE PERSON
IS NAMED BY ANOTHER IN A STATEMENT OF PARTNERSHIP AUTHORITY OR DOES
NOT FILE A STATEMENT OF AUTHORITY.

(D)     A PERSON DOES NOT CONTINUE TO BE LIABLE AS A PARTNER MERELY
BECAUSE OF A FAILURE TO FILE A STATEMENT OF DISSOCIATION OR TO AMEND A
STATEMENT OF PARTNERSHIP AUTHORITY TO INDICATE THE PARTNER'S
DISSOCIATION FROM THE PARTNERSHIP.

(E)     EXCEPT AS OTHERWISE PROVIDED IN SUBSECTIONS (A) AND (B) OF THIS
SECTION, PERSONS WHO ARE NOT PARTNERS AS TO EACH OTHER ARE NOT LIABLE
AS PARTNERS TO OTHER PERSONS.

SUBTITLE 4. RELATIONS OF PARTNERS TO EACH OTHER AND TO PARTNERSHIP.
9-401. PARTNER'S RIGHTS AND DUTIES.

(A) EACH PARTNER IS DEEMED TO HAVE AN ACCOUNT THAT IS:

(1)      CREDITED WITH AN AMOUNT EQUAL TO THE MONEY PLUS THE
VALUE OF ANY OTHER PROPERTY, NET OF THE AMOUNT OF ANY LIABILITIES, THE
PARTNER CONTRIBUTES TO THE PARTNERSHIP AND THE PARTNER'S SHARE OF THE
PARTNERSHIP PROFITS; AND

(2)      CHARGED WITH AN AMOUNT EQUAL TO THE MONEY PLUS THE
VALUE OF ANY OTHER PROPERTY, NET OF THE AMOUNT OF ANY LIABILITIES,
DISTRIBUTED BY THE PARTNERSHIP TO THE PARTNER AND THE PARTNER'S SHARE
OF THE PARTNERSHIP LOSSES.

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