A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before such admission as though the person had been a partner when such obligations were incurred; except that this liability shall be satisfied only out of partnership property.
Source: L. 31: p. 654, § 17. CSA: C. 123, § 17. CRS 53: § 104-1-17. C.R.S. 1963: § 104-1-17. L. 2004: Entire section amended, p. 1425, § 79, effective July 1.
ANNOTATION
This section held inapplicable to an incoming partner who expressly assumed a pre-existing obligation. Absent that express assumption however, the incoming partner's personal liability under a modified note would be limited to the amount of the new obligation created after his partnership interest began. Resolution Trust Corp. v. Teem P'ship, 835 F. Supp. 563 (D. Colo. 1993).