Analysis of Pietra Korda vs. Anna Kim Case – Assignment Example
The paper "Analysis of Pietra Korda vs. Anna Kim Case" is an outstanding example of a law assignment.
K2 Solutions was an IT consultancy business that was run by a joint partnership between Anna Kim and Pietra Korda. The two partners operated the business in a building that they had bought from loan money. Korda dissociated from the partnership forcing Kim to continue paying the mortgage through K1 solutions and not K2 solutions. Later on, Kim decided to default on the obligations of paying the mortgage under K1 solutions forcing the bank to file a petition suing K2 solutions.
Since the building was bought under K2 solutions that were a partnership between Kim and Korda, after the dissociation of Korda from the partnership, Kim had no legal obligation to continue paying the mortgage through K1 solutions.
K1 and K2 solutions are businesses that were run under two different management. K2 solutions was a partnered business between Kim and Korda whereas Kim only ran K1 solutions. Since the mortgage was bought by the partnership of both Kim and Korda to run K2 solutions, it was mandatory for them to continue paying the mortgage under legal obligations. But when one partner decided to no longer be a member of the joint partnership, the other partner cannot continue to pay under a different business framework that is not jointly owned. If such a member ceases to complete the payment of the mortgage, there is no way the bank can sue him as an individual. In this case, Kim had no obligation to continue paying the mortgage that she owned with Pietra. They both had a legal obligation to pay the bank under joint partnership but not through a business that is owned by one of the partners.
The bank has no legal mandate to sue Kim since she has no obligation to continue paying the mortgage on her own through K1 solutions.