n Transactions of the Centre for Business Law - The ways in which a partnership is dissolved trough its assets. Chapter 34
|Article Title||The ways in which a partnership is dissolved trough its assets. Chapter 34|
|© Publisher:||University of the Free State|
|Journal||Transactions of the Centre for Business Law|
|Publication Date||Feb 2006|
|Pages||215 - 222|
Secondly, a partnership is dissolved when the nature of the assets (l. verum. ss. fin. ff. pro soc.) constituting the basis of the partnership is changed e.g. where it is withdrawn from private ownership (Gl. in d. ss. fin. in ver. conditione. per tex. in l. actione. ss. fin. ff. eod.) or where the assets cease to exist because nobody can be a partner in a partnership non-existing property or property incapable of private ownership (in d. l. verum. ss. fi & ibi Gl. & habetur per Gl. in l. si non fuerint. in ver. solus. ff. pro soc. Petr. de Ubald. in tract. de duobus fratr. part. 11. sub nu. 1. Bald. in l. 1. quaest. 6. C. pro socio. Socin. jun. cons. 58. nu. 9. lib. 4). This is said about legacies, fideicommissa and usufructs which are completely or partially destroyed in this way (l. Titiae. ss. fin. ff. de leg. 1. l. 2. & l. quoties. ss. fin. ff. de usufruct. Gabriel. cons. 63. n. 19. lib. 2.). But a partnership is only dissolved by the total destruction of the property which constitutes the basis thereof and not otherwise; therefore if the cow is killed the partnership will continue to exist as far as the calf is concerned (Petr de Ubald. in tract. de duob fratr. part. 8. n. 22.), and if the partnership has been entered into for a period of ten years it is nevertheless dissolved, if the capital constituting the basis of this partnership, is lost (Castra. in tract. de societ. offic. cap. 39. num. 2.) and the partnership cannot be saved by pouring in additional funds (Angel. de Pingl. in tract. de societ. quaestio 14).
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