Section 38 of the Indian Partnership Act, 1932 – Revocation of continuing guarantee by change in firm

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Section 38: Revocation of continuing guarantee by change in firm

A continuing guarantee given to a firm, or to a third party in respect of the transactions of a firm, is, in the absence of agreement to the contrary, revoked as to future transactions from the date of any change in the constitution of the firm.

Source: official text of The Indian Partnership Act, 1932 as published on India Code (PDF). All sections of the Indian Partnership Act, 1932.

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