Conklin Farm v. Leibowitz

The opinion of the Court was delivered by

GARIBALDI, J.

This appeal addresses whether an incoming partner is personally liable for interest that accrues on a partnership debt that arose before the incoming partner’s admission. Under section 17 of New Jersey’s Uniform Partnership Law, N.J.S.A. 42:1-1 to -48, (the Act), an incoming partner is liable for preexisting debt only to the extent of partnership property; the incoming partner is not personally liable for preexisting debt. The parties to this appeal differ over whether the interest on a preexisting debt that accrues after the incoming…