N.Y. Laws » CHAPTER Partnership / ARTICLE Relations of Partners to One Another
New York Consolidated Laws

N.Y. Partnership Law § 43 (2026)

Partner accountable as a fiduciary

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 43. Partner accountable as a fiduciary.  1. Every partner must
account to the partnership for any benefit, and hold as trustee for it
any profits derived by him without the consent of the other partners
from any transaction connected with the formation, conduct, or
liquidation of the partnership or from any use by him of its property.
  2. This section applies also to the representatives of a deceased
partner engaged in the liquidation of the affairs of the partnership as
the personal representatives of the last surviving partner.
Notes of Decisions
Cited in 20 cases (1 in the last 5 years), 1975–2023 · leading case: Zohlman v. Zoldan, 226 B.R. 767 (S.D.N.Y. 1998).
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Zohlman v. Zoldan, 226 B.R. 767 (S.D.N.Y. 1998). · cites it 8× “Creditor relies on N.Y. Partnership Law § 43 (West 1988) in arguing that New York statutory law creates the necessary fiduciary relationship for § 523(a)(4).”
Ederer v. Gursky, 881 N.E.2d 204 (N.Y. 2007). · cites it 2× “as against the winding up partners or the surviving partners or the person or partnership continuing the business, at the date of dissolution, in the absence of agreement to the contrary" ( see also Partnership Law § 43, which is identical to section 21 of the UPA [ see Uniform…”
Dev. Specialists, Inc. ex rel. Coudert Bros. LLP v. Akin Gump Strauss Hauer & Feld LLP, 480 B.R. 145 (S.D.N.Y. 2012). · cites it 3× “The fact that the client agreed to make payments for services rendered by giving his lawyer a percentage of any winnings realized as opposed to paying him by the hour does not alter the fundamental proposition, codified in Partnership Law § 43, that every partner must account to…”
Henry v. Champlain Enter., Inc., 212 F.R.D. 73 (N.D.N.Y. 2003). “N.Y. Partnership Law § 43 ; NCAS Realty Mgmt.”
Adamo v. Scheller (In Re Scheller), 265 B.R. 39 (Bankr. S.D.N.Y. 2001). “1, 1999; N.Y. Partnership Law § 43 . Connecticut and California have repealed the Uniform Partnership Act of 1914 and adopted the Uniform Partnership Act of 1994.”
Non-Linear Trading Co. v. Braddis Assocs., Inc., 243 A.D.2d 107 (N.Y. App. Div. 1st Dep't 1998). “Natbony alleges, the dispute concerns the right to partnership property—or “Partnership’s Products” as denominated in the partnership agreement—and is appropriately the subject of an accounting (Partnership Law § 43 [1]). Finally, plaintiffs claim of fraud in the inducement does…”
Sriraman v. Patel, 761 F. Supp. 2d 7 (E.D.N.Y. 2011). · cites it 2× “See N.Y. Partnership Law § 43 (1) (“Every partner must account to the partnership for any benefit, and .”
Indo-Med Commodities, Inc. v. Wisell (In re Wisell), 494 B.R. 23 (Bankr. E.D.N.Y. 2011). “at 774 (citing N.Y. Partnership Law § 43 ). The bankruptcy court found that in New York partners are at all times accountable to one another as trustees or fiduciaries.”
Lugosch v. Congel, 219 F.R.D. 220 (N.D.N.Y. 2003). “Champlain Enterprises: N.Y. Partnership Law § 43 ; NCAS Realty Mgmt.”
Dev. Specialists, Inc. v. Akin Gump Strauss Hauer & Feld LLP, 477 B.R. 318 (S.D.N.Y. 2012). · cites it 3× “The fact that the client agreed to make payments for services rendered by giving his lawyer a percentage of any winnings realized as opposed to paying him by the hour does not alter the fundamental proposition, codified in Partnership Law § 43, that every partner must account to…”
Stone v. Stone (In Re Stone), 94 B.R. 298 (S.D.N.Y. 1988). “Most particularly, New York law provides that every partner shall “hold as trustee for [the partnership] any profits derived by him *303 without the consent of the other part-ners_” N.Y. Partnership Law § 43 (McKinney 1988).”
Sexter v. Kimmelman, Sexter, Warmflash & Leitner, 43 A.D.3d 790 (N.Y. App. Div. 1st Dep't 2007). · cites it 2× “In the case of a partnership, “Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the…”
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N.Y. Partnership Law § 43(1): 2 cases
Dev. Specialists, Inc. ex rel. Coudert Bros. LLP v. Akin Gump Strauss Hauer & Feld LLP, 480 B.R. 145 (S.D.N.Y. 2012). “The fact that the client agreed to make payments for services rendered by giving his lawyer a percentage of any winnings realized as opposed to paying him by the hour does not alter the fundamental proposition, codified in Partnership Law § 43, that every partner must account to…”
Dev. Specialists, Inc. v. Akin Gump Strauss Hauer & Feld LLP, 477 B.R. 318 (S.D.N.Y. 2012). “The fact that the client agreed to make payments for services rendered by giving his lawyer a percentage of any winnings realized as opposed to paying him by the hour does not alter the fundamental proposition, codified in Partnership Law § 43, that every partner must account to…”
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