(1) Subject to the effect of a statement of partnership authority under section 7-64-303:
Each partner is an agent of the partnership for the purposes of its business. An act ofa partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing had notice that the partner lacked authority.
An act of a partner which is not apparently for carrying on in the ordinary course thepartnership business or business of the kind carried on by the partnership binds the partnership only if the act was authorized by the other partners.
Source: L. 97: Entire article added, p. 874, § 1, effective January 1, 1998.