Short answer. Yes. Article 1842 of the Civil Code provides that the right to an accounting accrues at the date of dissolution, but adds a critical qualifier: "in the absence of any agreement to the contrary." Partners may validly agree to a different timing or arrangement for the accounting.
What the law says
The right to an account of his interest shall accrue to any partner, or his legal representative as against the winding up partners or the surviving partners or the person or partnership continuing the business, at the date of dissolution, in the absence of any agreement to the contrary.
Civil Code, Article 1842 — Right to an Account. Read the full provision →
The default rule and why it matters
When a partnership dissolves, each partner — or if the partner has died, that partner's legal representative — acquires the right to demand an accounting of what the partnership owes them. Article 1842 fixes the moment this right arises: the date of dissolution. This matters because the date of dissolution starts a clock. A partner who waits too long to demand an account may face arguments about prescription or delay. The article also identifies who the accounting may be demanded from: the winding-up partners, the surviving partners, or any person or partnership that continues the business after dissolution.
What the agreement can change
The phrase "in the absence of any agreement to the contrary" is the operative permission. Partners may agree — before, at, or after dissolution — to a different timetable for the accounting. For example, they might agree to complete the winding up first and then reconcile accounts, or to defer the accounting until pending business is concluded, or to have an independent auditor conduct the process over a fixed period. The agreement to the contrary must be genuine and specific — a vague understanding that things will be sorted out later is not the same as a binding arrangement that alters the default rule.
Who may demand the accounting
The article extends the right to an account not just to living partners but to their legal representatives — which means heirs, administrators, or executors who step into a deceased partner's shoes. This is important in practice: the death of a partner causes dissolution, and the deceased's estate may need to assert the right to account against the surviving or winding-up partners. That right, like the living partner's, accrues at dissolution and is subject to any contrary agreement that may have existed. If the partnership documents do not address this, the default rule governs, and legal counsel can help the estate understand what it is entitled to demand.
Cases citing this provision
These Supreme Court decisions cite the provision above. We list them so you can read them yourself; the summaries of what each decided are not ours to give.
- Emilio Emnace vs. Court of Appeals, et al, G.R. No. 126334, November 23, 2001 — read the decision on LawPhil →