Multiple Choice
John, Samuel, and Jim are general partners in the development of an electric car. Jim pours all his money into the project, but it never seems to work out. Eventually the partnership and Jim cannot meet their daily obligations, and the partnership is dissolved. Jim files for bankruptcy. If the partnership assets are insufficient to pay all claims against the partnership:
A) the trustee in bankruptcy must seek recovery of the deficiency first from John and Samuel.
B) Jim is released from liability because of the bankruptcy proceedings.
C) Jim's personal assets are not available for the partnership debts because he has limited liability.
D) the bankruptcy court must follow the doctrine of marshaling of assets.
Correct Answer:

Verified
Correct Answer:
Verified
Q31: Actual authority terminates upon:<br>A) dissolution of the
Q32: The RUPA requires a central filing of
Q33: Dissociation refers to those situations in which
Q34: Powell falsely tells Dunagan that she is
Q35: Under the UPA, which of the following
Q37: If a partner has paid more than
Q38: Bernice is withdrawing from a partnership in
Q39: Under the RUPA, in a term partnership,
Q40: Respondeat superior has no application to situations
Q41: General Widget's partnership assets amount to $34,000