Section 49
Payment of firm debts and of separate debts.
The Indian Partnership Act, 1932
About this Act
An Act to define and amend the Law Relating to Partnership.
Where there are joint debts due from the firm,
and also separate debts due from any partner, the property of the firm shall be applied in the first instance
in payment of the debts of the firm, and, if there is any surplus, then the share of each partner shall be
applied in payment of his separate debts or paid to him. The separate property of any partner shall be
applied first, in the payment of his separate debts, and the surplus (if any) in the payment of the debts of
the firm.