This section is from the book "Popular Law Library Vol8 Partnership, Private Corporations, Public Corporations", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
No liquidating partner, or any partner, after dissolution of the firm, has power to create, as a rule, any new obligation or to make or sign any negotiable paper. The surviving partner or partners, who take the title to the property on the death of a partner, hold this title in trust for the purpose of closing up the business, and cannot mortgage the property or borrow, except when necessary to preserve the estate and meet its obligations. Inasmuch as the entity of the firm now speaks through them, and no other consent is possible, their powers are somewhat more extended than those of other partners after dissolution.14 They could not, however, bind the estate of the deceased partner by any new obligation.15