Garner Vs Murray Rule::Insolvency of Partner(s)

Garner Vs Murray Rule: Insolvency of Partner(s)

Caption: The Garner Vs Murray Rule is a legal principle used in partnership law to determine how the assets and liabilities of an insolvent partner should be distributed among the remaining partners and the creditors of the partnership. It holds that the insolvent partner's share of the partnership assets is held in trust for the benefit of the partnership creditors, and the remaining partners may only receive the insolvent partner's share of the assets if they agree to assume their share of the partnership's liabilities.

Keywords: Garner Vs Murray Rule, partnership law, insolvency, assets, liabilities, distribution, trust, creditors, remaining partners.

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