Queensland Consolidated Acts Queensland Consolidated Acts(1) If a partner in a firm, other than an incorporated limited partnership, being a trustee, improperly employs trust property in the business or on the account of the partnership, no other partner is liable for the trust property to the persons beneficially interested in it.
(2) However--
(a) subsection (1) does not affect any liability incurred by any partner by reason of the partner's having notice of a breach of trust; and
(b) nothing in subsection (1) prevents trust money from being followed and recovered from the firm if still in its possession or under its control.
(3) If a general partner in an incorporated limited partnership, being a trustee, improperly employs trust property in the business or on the account of the partnership, neither the partnership nor any other partner is liable for the trust property to the persons beneficially interested in it.
(4) However--
(a) subsection (3) does not affect any liability incurred by any partner in the incorporated limited partnership by reason of the partner's having notice of a breach of trust; and
(b) nothing in subsection (3) prevents trust money from being followed and recovered from the incorporated limited partnership if still in its possession or under its control.