Alison told her partners in writing that she would be leaving the law partnership at the current partnership year-end, January 31, 2014. At year-end, Alison's partners bought her partnership interest and agreed that she would no longer be liable for any of the prior or subsequent partnership obligations. In February 2014, one of the remaining partners absconded with $2 million held for Mr. Smith, a long-time client, taken in trust in September 2013. Mr. Smith sued the partnership, the partners, and Alison. Based on the facts described, which of the following statements is true?
◦ Even if Alison gave Mr. Smith actual notice of her leaving the partnership, and he agreed that she would no longer be obligated for the partnership, she can be held liable to Mr. Smith.
◦ Mr. Smith can recover on his judgment out of the partnership assets.
◦ After the partnership assets are exhausted, Mr. Smith can recover on his judgment from any one of the remaining partners but not from Alison.
◦ Alison has no right to recover any funds she has to pay from her former partners.
◦ Only the remaining partners, not Alison, have the right to recover anything they have to pay from the absconding partner.
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Alphabet writing for junior kindergarten