- Statute
- Philippine Civil Code
- Article
- Art. 1867
- Topic
- Limited Partnership
- Status
- In force
- Book
- BOOK IV Obligations and Contracts
- Title
- TITLE IX PARTNERSHIP
- Chapter
- CHAPTER 4 Limited Partnership
- Year
- 1949
- Cited by
- Multiple Supreme Court decisions
The provision
A limited partnership formed under the law prior to the effectivity of this Code, may become a limited partnership under this Chapter by complying with the provisions of article 1844, provided the certificate sets forth: (1) The amount of the original contribution of each limited partner, and the time when the contribution was made; and (2) That the property of the partnership exceeds the amount sufficient to discharge its liabilities to persons not claiming as general or limited partners by an amount greater than the sum of the contributions of its limited partners. A limited partnership formed under the law prior to the effectivity of this Code, until or unless it becomes a limited partnership under this Chapter, shall continue to be governed by the provisions of the old law.
Intellegal Wiki · In plain terms
A transitional provision. A limited partnership formed under the law in force before the Civil Code took effect may bring itself under the Code's chapter on limited partnerships by complying with Article 1844, provided its certificate states the amount and date of each limited partner's original contribution and that partnership property exceeds the liabilities owed to outsiders by more than the sum of the limited partners' contributions. Until it does so, it continues to be governed by the old law.
An editorially maintained plain-language explanation of this provision — not legal advice.
Cases applying this article
- Candida San Jose Y Eusebio Carlos, Recurrentes, Contra Teodora A. Ruiz, Recurrida G.R. No. 47249
- Cornelio Cruz v. Chua A. H. Lee G.R. No. 31018