1. (a) A partnership is liable for loss or injury to a person, including a partner, or for a penalty caused by or incurred as a result of a wrongful act or omission or other actionable conduct of a partner acting:

   1. (1) in the ordinary course of business of the partnership; or
   2. (2) with the authority of the partnership.

2. (b) A partnership is liable for the loss of money or property of a person who is not a partner that is:

   1. (1) received in the course of the partnership's business; and
   2. (2) misapplied by a partner while in the custody of the partnership.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.