He shall also be bound for warranty in case of

This preview shows page 2 - 4 out of 22 pages.

He shall also be bound for warranty in case of eviction with regard to specific and determinate things which he may have contributed to the partnership, in the same cases and in the same manner as the vendor is bound with respect to the vendee. He shall also be liable for the fruits thereof from the time they should have been delivered without the need of any demand. Art. 1787. When the capital or a part thereon which a partner is bound to contribute consists of goods their appraisal must be made in the manner prescribed in the contract of partnership, and in the absence of stipulation, it shall be made by experts chosen by the parties, and according to current prices, the subsequent changes thereof being for the account of the partnership.
Art. 1788. A partner who has undertaken to contribute a sum of money and fails to do so becomes a debtor for the interest and damages from the time he should have complied with his obligation. The same rule applies of any amount he may have taken from the partnership coffers, and his liability shall begin from the time he converted the amount to his own use. Art. 1789. An industrial partner cannot engage in business for himself, unless the partnership expressly permits him to do so, and if he should do so, the capitalist partners may either exclude him from the firm or avail themselves of the benefits which he may have obtained in violation of this provision, with a right to damage in either case. Art. 1790. Unless there is stipulation to the contrary, the partners shall contribute equal shares to the capital of the partnership. Art. 1791. If there is no agreement to the contrary, in case of an imminent loss of the business of the partnership, any partner who refuses to contribute an additional share to the capital, except an industrial partner, to save the venture, shall be obliged to sell his interest to the other partners. Art. 1792. If a partner authorized to manage collects a demandable sum, which was owed to him in his own name from a person who owed the partnership another sum also demandable, the sum thus collected shall be applied to the two credits in proportion to their amounts even though he may have given a receipt for his own credit only; but should he have given it for the account of the partnership credit, the amount shall be fully applied to the latter. The provisions of this article are understood to be without prejudice to the right granted to the debtor by Article 1252 but only if the personal credit of the partner should be more onerous to him. Art. 1793. A partner who has received in whole or in part, his share of a partnership credit, when the other partners have not collected theirs, shall be obliged, if the debtor should thereafter become insolvent, to bring to the partnership capital what he received even though he may have given receipt for his share only.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture