DUTY TO CONTRIBUTE

o Partner: take care of the property before its delivery to the partnership with the diligence of a good father of a family
o Ownership of the property contributed it is the property of the partner UNTIL the delivery (A/C) has been made, it being the operative act
o A partner who promises contributes becomes a PROMISSORY DEBTOR of the partnership
o REMEDY if partner fails to deliver: ACTION FOR COLLECTION
TO DELIVER WHAT HE HAS
When: at the time the partnership is entered into UNLESS a different period is stipulated.
PROMISED TO CONTRIBUTE
DEMAND IS NOT NECESSARY time is of the essence; without the contributions, the partnership cannot operate.
GOODS
>must be APPRAISED, to determine how much was contributed.
HOW MADE:
a. As PRESCRIBED in the Articles of Partnership
b. In default, by EXPERTS chosen by partners, accdg to CURRENT PRICES and with charges thereof being for the account of the partnership.
Nothing however prohibits the partners from agreeing on the valuation
MONEY
A partner who fails to contribute is LIABLE for INTERESTS AND DAMAGES from the time he should have complied
This applies to amounts that a partner may have converted to his own use.
INDUSTRY
The partner/s so contributing cannot engage in any other business UNLESS he is expressly allowed to do so by the capitalist partners.
If he does so WITHOUT CONSENT;
a. He can be excluded from the firm;
b. They can avail of the benefits, which he obtained plus damages, if any. The article applies w/n there is competition, as all his industry must
be given to the partnership.