Reports of Cases Adjudged in the Court of Chancery of New York (Volume 14) (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. 1887. Excerpt: ... Robb, v. Stevens. One partner who has purchased of his co-partners their interest in the firm, holds, after such purchase, the property as his individual property. Tht selling partners may file a bill to enforce the performance of the agreement of sale, if the purchasing partners agreed to indemnify them against the partnership debts; but creditors of the firm, without the aid of the retiring partners, cannot, by bill, in equity compel an application of 'the partnership property to the payment of the partnership debts. Such creditors must resort to the ordinary mode of collecting their debts by judgment, execution, and creditor's bills. The bill in this case charges that the defendants, John Cronkhite and Barney M. Springsteen, being in copartnership as traders, became indebted in the year 1836, to the complainants for goods purchased of them; and on the 4th of Feb. 1837, executed a bond and warrant of attorney to the complainants for the amount of said debt, upon which a judgment was entered Feb. 9, 1837. The firm of Cronkhite & Springsteen had two stores, one at Pekin and one at Lockport. Some time in 1836, it is alleged that they sold out the store in Pekin, and took real estate and notes in payment, which notes were transferred to the defendant Spalding, as security for Cronkhite's individual debt. Afterwards, and on 13th Nov. 1836, Springsteen sold and conveyed all his interest in the partnership property and effects to Cronkhite, who was to indemnify Springsteen against the copartnership debts. On the 1st Dec. 1836, Cronkhite made an assignment of all his property, including the above co-partnership property, to Stevens and others, as trustees for the payment of his debts. The trust was for the payment of the individual debts of Cronkhite and the pa...