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...
General Books LLC
|Country of origin:
New York Court of Chancery
||246 x 189 x 22mm (L x W x T)
||Paperback - Trade
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