Question
A, B, and C are partners in Y Partnership limited with A and B as general partners and C as a limited partner, each contributing
A, B, and C are partners in Y Partnership limited with A and B as general partners and C as a limited partner, each contributing P10,000. The partnership incurred an obligation to X , a stranger, for P12,000 and to C, the limited partner for P6,000.
Upon dissolution, the partnership estate amounts to P203,000, a parcel of land valued at P200,000 and P3,000 cash.
Question 1 : If X and C will proceed against the partnership, with respect to the P3,000 cash, who will be paid first?
Question 2: Supposing the partnership is insolvent, that is no parcel of land but only cash of P3,000. Who will be paid first?
Question 3: Supposing C is a general partner and it is a general partnership, the partnership is solvent, who will be paid first?
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