BVR CONSULTING INC
  • HOME
  • OUR SERVICES
    • BUSINESS REGISTRATION
    • BACK OFFICE SUPPORT SERVICES
    • I.T. SOLUTIONS
    • BUSINESS PROCESS OUTSOURCING
    • PAYROLL SERVICES
    • TRAININGS & SEMINARS
    • AUDIT
    • TAX COMPLIANCE & ACCOUNTING
    • ADVISORY
  • BVR ACCOUNTING
    • TAX COMPLIANCE & ACCOUNTING
    • ADVISORY
    • AUDIT
    • TRAININGS & SEMINARS
  • CONTACT US
  • ARTICLES
    • TESTIMONIALS
    • BLOG
  • ONLINE TAX PREPARATION

a collections of case digests and laws that can help aspiring law students to become a lawyer. 
this webpage is
 primarily designed to assist students of law in their studies. It is merely a tool. The use of our Services does not guarantee success in obtaining a law degree nor in passing the Bar Exams. we makes no warranties or representations of any kind, whether expressed or implied for the Services provided. The cases, laws, and other publications found in this site are of public domain, collected from public sources such as the Supreme Court online library. The content however have been heavily modified, formatted, and optimized for better user experience, and are no longer perfect copies of their original. we gives no warranty for the accuracy or the completeness of the materials. This site also contains materials published by the students, professors, lawyers, and other users of the our Services. 


Aldecoa & Co. vs. Warner, Barnes & Co., 16 Phil. 423

1/15/2023

0 Comments

 

Facts:
 From the fourth to the twelfth paragraph of the complaint, the plaintiff set forth that, prior to December 1, 1898, Warner, Barnes and Co. were conducting a business in Albay. The principal object of the business was the purchase of hemp in the pueblos of Legaspi and Tobacco for the purpose of bringing it to Manila to sell if for exportation. On the same date, the plaintiff company became interested in the business of Warner, Barnes and Co. in Albay and formed therewith a joint-account partnership in which Aldecoa and Co. were to share equally in the gains and losses of the business.
 
 The defendant is the successor to all the rights and obligations of Warner, Barnes and Co., among which is that of being manager of the joint-account partnership with Aldecoa and Co., It is a recognized fact, and one admitted by both parties that the partnership herein concerned concluded its transactions on December 31, 1903. Wherefore the firm of Warner, Barnes & Co. Ltd., the manager of the partnership, in declaring the latter's transactions concluded and in rendering duly verified accounts of its results, owes the duty to include therein the property and effects belonging to the partnership in common.
 
Issue:
Whether or not this litigation concerns the rendering of accounts pertaining to the management of the business of a joint-account partnership formed between the two litigants companies.
 
Held:
It is a rule of law generally observed that he who takes charge of the management of another's property is bound immediately thereafter to render accounts covering his transactions; and that it is always to be understood that all accounts rendered must be duly substantiated by vouchers. It is one of the duties of the manager of a joint-account partnership, to liquidate the assets that form the common property, and to state the result obtained therefrom in the final rendering of the accounts which he is to present at the conclusion of the partnership.
 
 
It is a general rule of law that he who takes charge of the management of another's property is bound immediately thereafter to render accounts of his transactions; and that it is always to be understood that all accounts must be duly supported by proofs.
 
The acceptance and approval of any account rendered from a certain date does not excuse nor relieve the manager of a joint-account partnership from complying with the unquestionable duty of rendering accounts covering a period of time prior to the said date. They must be rendered from the time the partnership was formed and its business actually commenced.
 
0 Comments



Leave a Reply.

    Archives

    September 2024
    August 2024
    May 2024
    December 2023
    July 2023
    June 2023
    May 2023
    January 2023
    December 2022
    August 2022
    July 2022
    June 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    July 2021
    June 2021
    May 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    April 2020
    March 2020
    October 2019
    September 2019
    August 2019
    March 2018

    Categories

    All
    Agrarian Law
    Articles-of-incorporation
    By-laws
    Constitutional Law
    Criminal Law
    Law
    Persons And Family Relations

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • HOME
  • OUR SERVICES
    • BUSINESS REGISTRATION
    • BACK OFFICE SUPPORT SERVICES
    • I.T. SOLUTIONS
    • BUSINESS PROCESS OUTSOURCING
    • PAYROLL SERVICES
    • TRAININGS & SEMINARS
    • AUDIT
    • TAX COMPLIANCE & ACCOUNTING
    • ADVISORY
  • BVR ACCOUNTING
    • TAX COMPLIANCE & ACCOUNTING
    • ADVISORY
    • AUDIT
    • TRAININGS & SEMINARS
  • CONTACT US
  • ARTICLES
    • TESTIMONIALS
    • BLOG
  • ONLINE TAX PREPARATION