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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10099
Experience:  30 years as a practising solicitor.
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Bank called in overdraft in short I paid this in full but

Customer Question

bank called in overdraft in short I paid this in full but the overdraft was in a partnership can I pursue my partner for 50% of the as the agreement was signed by both of us total I paid was £130.000.00 can you advise ?
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Customer: bank called in overdraft in short I paid this in full but the overdraft was in a partnership can I pursue my partner for 50% of the as the agreement was signed by both of us total I paid was £130.000.00 can you advise ?
Submitted: 21 days ago.
Category: Scots Law
Expert:  JGM replied 21 days ago.

Yes. A partnership overdraft is a joint and several liability which means it isn't due by either or both of you in the the eyes of the bank. If you have paid it off you have what's called a right of relief against your partner and can sue him for his share, assuming there's no partnership agreement which provides otherwise, which I think would be unlikely. I hope that helps. Please leave a positive rating so that I am credited for my time.

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