Hypo 1

Same facts as above (same painting gig, same expensive rug, same boneheaded move), but this time assume Debbie was in partnership with Ian, and forget about Eagle Painting Services. This time it's Debbie and Ian's Painting.

June is upset about the loss of her valuable rug, files suit naming Debbie and Ian as co-defendants in a business partnership, and wins. The court orders Debbie and Ian to pay June $30,000 and finds them jointly and severally liable. To make things simpler for June, the court orders that June can sieze Debbie and Ian's property to compensate her for her loss.

Debbies only asset is an old pickup truck worth about $3,000. Ian recently inherited a rare coin collection appraised at $30,000, and that is his only asset.

True or false: June can sieze Ian's coin collection to be fully compensated for her loss.

[Hint: Remember that when multiple parties are found jointly and severally liable, each person is responsible for 100% of the debt until the debt is paid.]

True

False