Liability of incoming partner

7-60-117. Liability of incoming partner. A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before such admission as though the person had been a partner when such obligations were incurred; except that this liability shall be satisfied only out of partnership property. Source: L. 31: p. 654, � 17. CSA: C. 123, � 17. CRS 53: � 104-1-17. C.R.S. 1963: � 104-1-17. L. 2004: Entire section amended, p. 1425, � 79, effective July 1.