Section 11 — Misapplication of money or property received for or in custody of firm

In the following cases:

(a)where one partner acting within the scope of his apparent authority receives the money or property of a third person and misapplies it; and

(b)where a firm in the course of its business receives money or property of a third person, and the money or property so received is misapplied by one or more of the partners while it is in the custody of the firm, the firm is liable to make good the loss.