ARTICLE 1857-1861

Nos. 451-475

451. Requisites for the return of a limited partner’s contribution are the following except
a) All liabilities of the partnership have been paid or there remains property of the partnership sufficient to pay them, except
liabilities to general partners and to limited partners on account of their contributions.
b) The consent of all partners (general or limited) has been obtained, unless the return of the contribution may be rightfully
demanded.
c) The certificate is cancelled or so amended as to set forth the withdrawal or reduction.
d) Conform to the requirements of article 1844 as far as necessary to set forth clearly the change in the certificate which it is
desired to make.
452. When does a limited partner rightfully demand return of his contribution?
a) On the dissolution of the partnership.
b) On the execution of the partnership.
c) Upon admittance of a new partner.
d) Upon celebration of the contract.
453. Irrespective of the nature of his contribution, a limited partner has only the right to demand and receive cash except
a) A partner’s right in specific partnership property is not assignable except in connection with the assignment of rights of all
the partners in the same property.
b) Except as provided by Article 1825, persons who are not partners as to each other are not partners as to third persons.
c) When the certificate contains a statement that the contribution may be returned in the form other than cash.
d) The dissolution being by the death or insolvency of a partner, the partner acting for the partnership had knowledge or
notice of the death or insolvency.
454. When does a limited partner have the partnership dissolved and wound up?
a) When a time is fixed for the dissolution of the partnership, or the return of a contribution, no time having been specified in
the certificate.
b) When he rightfully but unsuccessfully demands the return of his contribution.
c) When there is a change in the time as stated in the certificate for the dissolution of the partnership or for the return of a
contribution.
d) When there is a false or erroneous statement in the certificate.
455. It is cancelled or so amended to set forth the withdrawal or reduction.
a) Certificate
b) Contract
c) Stipulation
d) Consideration
456. A limited partner’s interest is
a) Assignable
b) Unassignable
c) Either a or b
d) Neither a nor b
457. If the assignee does not become a substituted partner, he is only entitled to receive the following to which the assignor partner
otherwise be entitled except
a) Share of the profits
b) Other compensation by way of income
c) Interest and bonus
d) Return of the contribution
458. If the assignee does not become a substituted partner, he has no right to
a) Share in dividends
b) Cast his votes
c) Inspect partnership books
d) Decline from existing liabilities
459. A person admitted to all the rights of a limited partner who has died or has assigned his interest in the partnership is called
a) Substituted limited partner
b) Backup limited partner
c) Locum Tenens
d) Designated hitter
460. The substitution of the assignee as a limited partner does not release the assignor from the liabilty
a) To creditors who extended credit or whose claims arose before the assignment.
b) To creditors who extended credit or whose claims arose after the assignment.
c) To debtors who extended credit or whose claims arose before the assignment.
d) To debtors who extended credit or whose claims arose after the assignment.
461. The effect of the following, if he is a general partner, may dissolved a partnership except
a) Retirement
b) Death
c) Marriage
d) Civil Interdiction
462. If the partner is a general partner, partnership is dissolved upon his
a) Retirement
b) Marriage
c) Admittance
d) Advancement
463. If the partner is a limited partner, partnership is not dissolved except
a) If there is no more limited partner.
b) If there is no more general partner.
c) If there is no more partner by estoppel.
d) If there is no more general-limited partner.
464. Upon dissolution, business may be continued by the remaining general partners if
a) The right to do so is stated in the certificate.
b) Majority of the members give their consent.
c) None of the members were willing to take cover.
d) It is amended by the court.
465. Retirement, death, civil interdiction, insanity or insolvency of a partner dissolves a partnership unless
a) The partner is a general partner.
b) The partner is a limited partner.
c) The partner is a general-limited partner.
d) The partner is partner by estoppel.
466. On the death of a limited partner his _____ shall have all the rights of a limited partner.
a) Assignee
b) Heir
c) Love one
d) Executor
467. The reason for transferring the rights of a limited partner to an executor or administrator is to
a) Spend all the profits he has.
 b) Settle his estate.
c) Continue what he has done.
d) Disburse his assets.
468. The right of an executor or administrator on the death of a limited partner is
a) To avail all the interest of the limited partner.
b) To have most of the rights of the limited partner.
c) To have the same power as the deceased partner.
d) To constitute management in the partnership.
469. An executor or administrator may
a) Have all the rights of the deceased partner.
b) Have all the assets of the deceased partner.
c) Have all the interests and bonuses.
d) Have all the compensation.
470. An executor or administrator may also termed as
a) Superintendent limited partner.
b) Archon limited partner.
c) Manager limited partner.
d) Substituted limited partner.
471. A limited partner is liable to the partnership
a) For the difference between his contribution as actually made and that stated in the certificate as having been made.
b) For the total of his contribution as actually made and that stated in the certificate as having been made.
c) For any paid contribution which he agreed in the certificate to make in the future at the time and on the conditions stated
in the certificate.
d) For any contribution which he agreed in the certificate to make in the future at the time and on the conditions stated in the
certificate.
472. A limited partner is liable to the partnership
a) For the difference between his capital and that stated in the certificate as having been made.
b) For the total of his contribution as actually made and that stated in the certificate as having been made.
c) For any unpaid contribution which he agreed in the certificate to make in the future at the time and on the conditions
stated in the certificate.
d) For any contribution which he agreed in the certificate to make in the future at the time and on the conditions stated in the
certificate.
473. A limited partner holds as trustee for the partnership
a) Specific property stated in the certificate as contributed by him, but which was not contributed or which has been
wrongfully returned.
b) Specific property stated in the certificate as contributed by his assignor, but which was not contributed or which has been
wrongfully returned.
c) Services or other property wrongfully paid or conveyed to him on account of his capital.
d) Services or other property wrongfully paid or conveyed to him on account of his contribution.
474. A limited partner holds as trustee for the partnership
a) General property stated in the certificate as contributed by him, but which was not contributed or which has been
wrongfully returned.
b) Specific property stated in the certificate as contributed by his assignor, but which was not contributed or which has been
wrongfully returned.
c) Services or other property wrongfully paid or conveyed to him on account of his capital.
d) Money or other property wrongfully paid or conveyed to him on account of his contribution.
475. The liabilities of a limited partner as set forth in this article can be _____ only by the consent of all members.
a) Waived
b) Mended
c) Patched
d) Revamped