Partnership act

Dinakar Y R (Querist) 29 February 2016 This query is : Resolved
Dear Sir,

My friend is a partner in a partnership firm where he and his wife are equal partners.He is in to trading of consumer durables business.
As he requires urgent money he had approached me for short term funding of Rws.5 L .When I had verified their partnership deed there is no borrowing clause in the deed.
Normally i have seen partnership deeds where there will be borrowing clause .
Now my query is whether i can lend to a partnership firm where the deed is silent on borrowing powers of the firm- whether it is legally enforcable .

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Santosh Goswami,Advocate (Expert) 29 February 2016
Yes, it would be legally enforceable against the firm as well as as against the individual. But do it through an agreement.
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