Sharon and Martha are general partners of the SM general partnership.Sharon,acting with authority,negotiated and signed for a $500,000 loan to SM from a bank.SM has not repaid this loan.The bank can recover its loan from:
A)Sharon only.
B)SM and Sharon;they are jointly liable only.
C)SM,Sharon,and Martha;they are jointly liable only.
D)SM,Sharon,and Martha;they are jointly and severally liable.

Question

Quizplus · Accepted Answer

The RUPA permits a partnership to be sued in its own name.Partners may also be sued individually on partnership obligations.Partners are jointly and severally liable for partnership obligations,whether based in contract or tort.

Sharon and Martha Are General Partners of the SM General