Partnership Notes
Partnership Notes
SPECIFIC OBLIGATIONS:
1. OBLIGATION WITH RESPECT TO CONTRIBUTION OF PROPERTY
a. to contribute what had been promised (Art. 1786, NCC)
b. to warrant property contributed in case of eviction (Art. 1786, NCC)
c. to deliver the fruits of the property from the time they should have been
delivered, without the need of any demand (Art. 1786, NCC)
d. when contribution is in goods, the amount thereof must be determined by
proper appraisal of the value thereof at the time of contribution (Art. 1787,
NCC)
e. to preserve the property with the diligence of a good father of a family
pending delivery to the partnership.
f. to indemnify for any damages caused by the retention of the property or by
delay in its contribution.
PARTNERSHIP RED NOTES – FOR SAMCIS (BCM)
CONTRACTS OF PARTNERSHIP
PARTNERS’ LIABILITY – if the partnership is contractually bound, each
partner has joint and several, unlimited personal liability
JOINT AND SEVERAL LIABILITY – a creditor may sue the partners jointly
as a group or separately as individuals
PARTNERSHIP RED NOTES – FOR SAMCIS (BCM)
TORTS – the partnership is liable for loss or injury caused by any wrongful act or
omission or other actionable conduct of any partner while acting within the
ordinary course of the business or with the authority of her co-partners; the
partners are jointly and severally liable (Art. 1822, NCC)
BREACH OF TRUST – the partnership is liable if a partner in the course of the Page | 8
partnership’s business or while acting with authority of the partnership breaches a
trust by misapplying money or property entrusted by a third person; the partners
are jointly and severally liable (Art. 1823, NCC)
CRIMES – a partner is not criminally liable for the crimes of her partners unless she
authorized or participated in them