42:5-2. Debtor to take creditor's memorandum; use in evidence
65 words·~1 min read·
/nj/title-42/chapter-5/42-5-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every partner making a composition or compromise under authority of section 42:5-1 of this title shall take from the creditors with whom he may make the same, a note or memorandum, in writing, exonerating him from any individual liability incurred by reason of his connection with such partnership, which note or memorandum may be pleaded in bar of the creditors' rights of recovery against him.