X, Y, and Z are partners in XYZ Partnership, Ltd. Y as limited partner. After five years of operations, the partnership incurred debts in favor of third persons totaling P5 million. The total partnership assets is P3 million. Who among the partners shall be liable with their separate property in favor of creditors?

Related MCQs

• Spouses Reynaldo and Ana decided to separate and to voluntary dissolve their conjugal partnership. Hence, they executed a public document wherein they declare that they had no debts, that they were voluntarily dissolving their conjugal partnership, and that each of them would thereafter be free to acquire or dispose of any property independently of the other. Thereafter, they lived apart. Ana engaged in business which unfortunately failed. Reynaldo, on the other hand, continued to be gainfully employed and was able to acquire properties through his own efforts. The creditors of Ana obtained a judgment against the latter which they could not satisfy because Ana was insolvent. Could the creditors of Ana obtain satisfaction of the judgment out of the properties of Reynaldo?
• A and B are capitalist partners, with C as an industrial partner. A and B contributed P15, 000.00 each to the capital of the partnership. A contractual liability of P40, 000.00 was incurred by the partnership in favor of X. If the capital assets have been exhausted to pay X, leaving a contractual liability of P10, 000.00, X can recover the amount from:
• X is not a partner of A, B, and C. Without the consent or knowledge of C but with the implied consent of A and B, X made T believe that he is a partner of A, B, and C. Who shall be liable for the payment of a debt of P500, 000 in favor of T who extended credit on the basis of the misrepresentation?
• Wendy, single, bought a parcel of land in Dagupan City from Amante for P600,000.00. A contract was executed between them which already vested upon Wendy full ownership of the property, although payable in monthly installments for a period of 4 years. One year after the execution of the contract, Wendy got married to Lorenzo. They executed a marriage settlement whereby they agreed that their properties shall be governed by the regime of conjugal partnership of gains. Thereafter, subsequent installments were paid from the conjugal partnership funds. Is the land conjugal or paraphernal?
• A and B are partners in A & B Partnership. A owns two parcels of land which he contributed to the partnership. B owns six trucks which he contributed to the partnership. The profits of the land and the trucks were also included as contributions. The properties contributed are all what A and B own. The partnership is:
• Where the debtor has various debts of the same kind in favor of the same creditor and on the due date the debtor does not have sufficient funds to cover all the debts, the debtor may avail of
• A, B and C formed a limited partnership. They named their partnership AB&C. In 2008, the firm incurred an indebtedness of P5M. A suit was filed for the recovery of debt. Which of the following statements is correct?
• Marvin was married to Charina on February 14, 1990. Charina gave birth to a baby girl she named Noreen. Due to irreconcilable differences, Marvin left the conjugal dwelling. Charina, on the other hand fell in love with David and they decided to live together as husband and wife on May 12, 1992. Six (6) years after or on September 8, 1998, Marvin died in an accident. Free at last, Charina and David decided to get married on February 14, 2000 executing an affidavit that they have been living together as husband and wife for more than five (5) years. The marriage took place but the solemnizing officer failed to execute an affidavit that he ascertained the qualifications of the contracting parties. Two (2) years later, Charina died living a considerable amount of properties. Noreen, assisted by her grandparents, filed a petition questioning the validity of her marriage to David. If you were the judge, how will you decide on the petition?
• Mr. S sold a banana plantation to Mr. B for P3 million although its market value is P20 million. It was agreed that Mr. S shall remain in possession as lessee of the land and shall be responsible for the real estate taxes.
• The deed of donation by A in favor of B states: “Donation Inter Vivos” but there is a provision that although the land donated shall be delivered to the donee immediately upon perfection of the same with right to enjoy the fruits of the land, it will pass to the donee after the death of the donor. After the donor’s death, the heirs sought to recover the property. Will the action prosper?