Principles of the Law of Partnership (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1906 Excerpt: ...right to indemnity, sect. 24 also provides that the firm must indemnify every partner in respect of payments made and liabilities incurred in or about anything necessarily done for the preservation of the business or property of the firm. This d) Cooke y. Benbow, (1865) 3D.J.& S. I., and Meymott v. Meymott, (1862) 31 Bea. 445; Fawcett v. Whitehouse, (1829) 1 fi. & M. 132; Evans v. Coventry, (1857) 8 De G. M. & G. 835. (e) Act of 1890, s. 24 (2). As to contribution where a partner has been sued for an illegal act, see Thomas v. Atherton, (1877) 10 Ch. D. 185; and, where all the partners have joined in an illegal act, Adamson v. Jarvis, (1827) 4 Bing. 66; Chillingworth v. Chambers, 1896 1 Ch. 685, and Robinson v. Harhin, 1896 2 Ch. 415. (/) Re Ritson, Ritson v. Ritson, 1899 1 Ch. 128. ( g) Conf. exp. Letts and Steer, (1856) 26 L. J. Ch. 455, and Thomas v. Atherton, (1877) 1 0 Ch. D. 185. goes beyond the ordinary law of principal and agent (which only authorises acts in the ordinary course of business), and is analogous to the maritime law of contribution in cases of general average or salvage. Note that it only extends to necessary acts, and not to mere voluntary ones which the partner who undertakes the liability thinks may be advantageous (#). Most of the cases on the subject have occurred in relation to directors of public companies (h), but even before the Act of 1890 there was no doubt that the rule equally applied to private partnerships. (5.) Partnership Property As Distinguished From Property Of The Individual Partners. We now come to the consideration of the partnership property, which is the subject of sects. 20 to 23 inclusive of the Act of 1890. Difficult questions frequently arise as to whether property is the property of the firm, or...