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Partnership Liability in Philippine Law by freakinusername is a document available to read on EtoBox.
What is Partnership Liability in Philippine Law about?
Severo Eugenio Lo and others formed a commercial partnership called "Tai Sing and Co." with a capital of P40,000. A manager obtained loans from Philippine National Bank (PNB) secured by mortgages of partnership property. Severo Eugenio Lo argued that the partnership was not validly formed and the loans were unauthorized. The court ruled that the partners formed a registered partnership that conducted business and incurred debts, so the partners were liable to pay third party creditors like PNB, even if the
- Author
- freakinusername
- Language
- EN