Articles 1817-1841

Only available on StudyMode
  • Topic: Partnership, Bankruptcy, Liquidation
  • Pages : 14 (4959 words )
  • Download(s) : 97
  • Published : November 23, 2012
Open Document
Text Preview
Art. 1817. Any stipulation against the liability laid down in the preceding article shall be void, except as among the partners. Stipulation eliminating liability.
If there is a stipulation exempting any of the partners from liability to third persons, such stipulation is void as to third person but valid among the partners.

Art. 1818. Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way the business of the partnership of which he is a member binds the partnership, unless the partner so acting has in fact no authority to act for the partnership in the particular matter, and the person with whom he is dealing has knowledge of the fact that he has no such authority. An act of a partner which is not apparently for the carrying on of the business of the partnership in the usual way does not bind the partnership unless authorized by the other partners. Except when authorized by the other partners or unless they have abandoned the business, one or more but less than all the partners have no authority to: (1)Assign the partnership property in trust for creditors or on the assignee’s promise to pay the debts of the partnership; (2)Dispose of the goodwill of the business;

(3)Do any other act which would make it impossible to carry on the ordinary business of a partnership; (4)Confess a judgment;
(5)Enter into a compromise concerning a partnership claim or liability; (6)Submit a partnership claim or liability to arbitration;
(7)Renounce a claim of the partnership.
No act of a partner of contravention of a restriction on authority shall bind the partnership to persons having knowledge of the restriction. Mutual agency rule.
Each partner is acting as a principal on his own behalf, and as an agent for his co-partners or the firm. Instances when a partnership is bound.
a.)When he is expressedly or impliedly authorized.
b.)When he acts in behalf and in the name of the partnership.

Art. 1819. Where title to real property is in the partnership name, any partner may convey title to such property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner’s act binds the partnership under the provisions of the first paragraph of Article 1818, or unless such property has been conveyed by the grantee or a person claiming through such grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded his authority. Where title to real property is in the name of the partnership, a conveyance executed by a partner, in his own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of the first paragraph of Article 1818. Where title to real property is in the name of one or more but not all the partners, and the record does not disclose the right of the partnership, the partners in whose name the title stands may convey title to such property, but the partnership may recover such property if the partners’ act does not bind the partnership under the provisions of the first paragraph of Article 1818, unless the purchaser of his assignee, is a holder for value, without knowledge. Where the title to real property is in the name of all the partners, a conveyance executed by all the partners passes all their rights in such property.

Registration of real property belonging to the partnership.
a.)Partnership
b.)All of the partners
c.)One, some, or not all of the partners
d.)One, some, or not all of the partners in trust for the partnership e.)Third person in trust for the partnership
Effect of conveyance of real property of the partnership.
The effect of conveyance of real property owned by the partnership depends in whose name the property is registered and conveyed. The conveyance...
tracking img