Article 1798
ELI5— what this means for you
If the partners have agreed to intrust to a third person the designation of the share of each one in the profits and losses, such designation may be impugned only when it is manifestly inequitable.
Official text — RA 386
If the partners have agreed to intrust to a third person the designation of the share of each one in the profits and losses, such designation may be impugned only when it is manifestly inequitable. In no case may a partner who has begun to execute the decision of the third person, or who has not impugned the same within a period of three months from the time he had knowledge thereof, complain of such decision.
The designation of losses and profits cannot be intrusted to one of the partners. (1690)
Source: lawphil.net (RA 386 as amended)
Related
RELATED RIGHTS
Legal disclaimer: BatasKo provides general legal information, not legal advice. For advice on contracts, property rights, obligations, or civil damages, consult a licensed Filipino lawyer or the Public Attorney's Office (PAO) at pao.gov.ph.