(1) The partnership is bound to make good the loss:
Where one partner acting within the scope of such partner's apparent authority receives money or property of a third person and misapplies it; and
Where the partnership in the course of its business receives money or property of athird person and the money or property so received is misapplied by any partner while it is in the custody of the partnership.
Source: L. 31: p. 652, § 14. CSA: C. 123, § 14. CRS 53: § 104-1-14. C.R.S. 1963: § 104-1-14. L. 2004: (1)(a) amended, p. 1423, § 76, effective July 1.