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A, B, and Care partners in X Partnership. T is a personal debtor of A, Managing Partner, in the amount of P12,000.00. T is also
A, B, and Care partners in X Partnership. T is a personal debtor of A, Managing Partner, in the amount of P12,000.00. T is also indebted to X partnership in the amount of P8,000.00. Both debts are due and demandable. Assuming T pays P6,000.00, how will this amount be applied to the two (2) debts IF: a. T tendered the payment to A, and A issues his own personal receipt. b. T tendered the payment to A, and A issues his own personal receipt. However, assume this time that T's debt to A is subject to a Real Estate Mortgage on T's residential house. c. T tendered the payment to A, and A issues his personal receipt. However, assume this time that T's debt to the Partnership is subject to a Real Estate Mortgage on T's residential house. d. Would your answers be the same if B is the Managing Partner instead of A? e. Would your answers be the same if there is no appointed Managing Partner in the Partnership
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