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Garner v/s Murray is a rule that was passed by justice of the court. According to this rule, if the partner or partners are insolvent to pay their liabilities, it is paid by other partners in their capital sharing ratio

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11y ago
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7y ago

It deals with the responsibility of one partner for the financial failings of the other partner. The loss on account of insolvency of a partner is a CAPITAL loss which should be borne by the solvent partners in the ratio of their capitals standing in the balance sheet on the date of dissolution of the firm. You and I are partners- you have one quarter of the partnership, I have 3 quarters. You have financial losses that wipe you out. I am responsible for 3/4ths of the debt that is unpaid.

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Q: What do you mean by garner vs Murray rule?
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