Nev. Rev. Stat. » NRS: CHAPTER 87 - PARTNERSHIPS

Nev. Rev. Stat. § 87.390

Rights where partnership is dissolved for fraud or misrepresentation

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NRS 87.390  Rights where partnership is dissolved for fraud or misrepresentation.  Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind is, without prejudice to any other right, entitled:

      1.  To a lien on, or a right of retention of, the surplus of the partnership property after satisfying the partnership liabilities to third persons for any sum of money paid by such a party for the purchase of an interest in the partnership and for any capital or advances contributed by him or her;

      2.  To stand, after all liabilities to third persons have been satisfied, in the place of the creditors of the partnership for any payments made by the party in respect of the partnership liabilities; and

      3.  To be indemnified by the person guilty of the fraud or making the representation against all debts and liabilities of the partnership.

      [Part 39:74:1931; 1931 NCL § 5028.38]

     

Notes of Decisions
Cited in 1 case, 1982–1982 · leading case: Rasmussen v. Thomas
Sort: Relevance Newest Treatment
Rasmussen v. Thomas (1982) nev · cites it 2× “Respondents made no allegations of fraud or misrepresentation on appellant Walter Rasmussen’s part which would give rise to further recovery under NRS 87.390. 3 Furthermore, no proof was presented showing any special damage to the partnership business or to respondents through…”
— Nev. Rev. Stat. § 87.390(1) — 1 case
Rasmussen v. Thomas (1982) nev “Respondents made no allegations of fraud or misrepresentation on appellant Walter Rasmussen’s part which would give rise to further recovery under NRS 87.390. 3 Furthermore, no proof was presented showing any special damage to the partnership business or to respondents through…”
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