The document discusses the liability of partnerships for wrongful acts and misapplication of funds by partners. It states that under Article 1822, the partnership is jointly liable with any partner who causes loss through a wrongful act in the ordinary course of business or with co-partner authority. Additionally, under Article 1823, the partnership is liable for losses from a partner receiving and misapplying third party money or property either within their apparent authority or received by the partnership in the normal course of business. Finally, Article 1824 specifies that all partners are jointly liable with the partnership for liabilities under Articles 1822 and 1823.
The document discusses the liability of partnerships for wrongful acts and misapplication of funds by partners. It states that under Article 1822, the partnership is jointly liable with any partner who causes loss through a wrongful act in the ordinary course of business or with co-partner authority. Additionally, under Article 1823, the partnership is liable for losses from a partner receiving and misapplying third party money or property either within their apparent authority or received by the partnership in the normal course of business. Finally, Article 1824 specifies that all partners are jointly liable with the partnership for liabilities under Articles 1822 and 1823.
The document discusses the liability of partnerships for wrongful acts and misapplication of funds by partners. It states that under Article 1822, the partnership is jointly liable with any partner who causes loss through a wrongful act in the ordinary course of business or with co-partner authority. Additionally, under Article 1823, the partnership is liable for losses from a partner receiving and misapplying third party money or property either within their apparent authority or received by the partnership in the normal course of business. Finally, Article 1824 specifies that all partners are jointly liable with the partnership for liabilities under Articles 1822 and 1823.
PARTNER The partnership is solidarily liable with the partner who causes loss or injury to any person not a partner, or incurs any penalty through any wrongful act or omission: (1) In the ordinary course of the business of the partnership; or (2) Not in such ordinary course of business, but with the authority of his co-partners [Art. 1822]. LIABILITY OF THE PARTNERSHIP FOR MISAPPLICATION OF MONEY OR PROPERTY The partnership is liable for losses suffered by a third person whose money or property was: (1) Received by a partner: (a) Acting within the scope of his apparent authority; and (b) Misapplied it; (2) Received by the partnership: (a) In the course of its business; and (b) Misapplied by any partner while it is in the custody of the partnership [Art. 1823]. LIABILITY OF THE OTHER PARTNERS UNDER ART. 1822 AND 1823 All partners are solidarily liable with the partnership for its liabilities under Articles 1822 and 1823 [Art. 1824]. This is without prejudice to the guilty partner being liable to the other partners. However, as far as third persons are concerned, the partnership is answerable [De Leon (2010)].