Partnership: Ruling on Validity of Selling Joint Property Without Consent of All Partners

Practical Laws of Islam as per the teachings of Imam Khamenei

Partnership: Ruling on Validity of Selling Joint Property Without Consent of All Partners

English:

Question #1687:

Some partners in a jointly owned property sold it without securing the agreement of all the shareholders. Is the sale valid and, therefore, binding on the other shareholders to agree to it, albeit they are not happy with the deal? And should the agreement of all partners be a condition? Does it matter whether the company was a commercial enterprise or a civil one, in that agreement must be secured for the latter and not the former?

Answer #1687:

This sale is valid and, therefore, enforceable insofar as the share owned by the party who sold it or gave permission to sell it. As for the remaining shares, this is dependent on their respective permissions, irrespective of how the company came into being.

-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Partnership