Page 446 - Important Provisions of The New Civil Code

Article 1839. In settling accounts between the

partners after dissolution, the following rules

shall be observed, subject to any agreement to

the contrary:

(1) The assets of the partnership are:

(a) The partnership property,

(b) The contributions of the partners

necessary for the payment of all the

liabilities specified in No. 2.

(2) The liabilities of the partnership shall rank

in order of payment, as follows:

(a) Those owing to creditors other than

partners,

(b) Those owing to partners other than

for capital and profits,