Yasmin and Elvis Were Partners

question 45

Multiple Choice

Yasmin and Elvis were partners.Yasmin committed a tort against Patagonia Inc while acting in the course of partnership business.Patagonia suffered a loss of $500 000.It successfully sued and now intends to satisfy judgment by collecting the appropriate amount.Which of the following statements is TRUE?

• A)Patagonia can only take assets that qualify as partnership property.
• B)If Patagonia collects $500 000 from Yasmin personally, she is entitled to collect half that amount from Elvis in the absence of an agreement between them that allocates their responsibility differently.
• C)Patagonia is entitled to satisfy its judgment against assets personally held by Yasmin, but not against assets personally held by Elvis.
• D)Patagonia is entitled to collect from Elvis, but only to the amount that represents the value of the assets and services that Elvis has contributed to the partnership.
• E)Patagonia can recover from the partnership assets and the personal assets of Yasmin and Elvis, or both or all of them.

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Definitions:

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