A Treatise On the Law of Partnership
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204, 51 N. E. 604. A chattel mortgage on one partner's in- terest to secure an individual debt is postponed to a subsequent ex- ecution in favor of firm creditors. Daniel v. Crowell, 125 N. C. 519, 34 S. E. 684. A separate execution is postponed to a subsequent joint execution. King's Appeal, 9 Pa. 124; Cooper's Appeal, 29 Pa. 9; Dyer v. Clark, 5 Mete. (Mass. ) 562, Ames' Cas. 251. If a separate execution creditor levy upon the joint stock, and the other partners have no equities against the de...fendant in the execution, having parted with their lien, the separate creditor will take the proceeds of sale in preference to a subsequent joint execution. York County Bank's Appeal, 32 Pa. 446.
i»sa See Foster v. Field, 13 Old. 230, 74 Pac. 190; Adams v. Hack- ett, 7 Cal. 187; Holmes v. McDowell, 15 Hun (N. Y. ) 585, Burdick's Cases, 434; Jackson v. Lahee, 114 111. 287, 2 N. E. 172.
APPLICATION OF ASSETS. 229 127. Priorities in Firm Property . — Firm assets must be ap- plied tojthe discharge of firm debts, in preference to the claims of the partners or of their individual cred- itors, except — Exceptions — (a) Where firm assets have been converted in good faith into sep arate property.
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To quickly assess the difficulty of the text, read a short excerpt:
204, 51 N. E. 604. A chattel mortgage on one partner's in- terest to secure an individual debt is postponed to a subsequent ex- ecution in favor of firm creditors. Daniel v. Crowell, 125 N. C. 519, 34 S. E. 684. A separate execution is postponed to a subsequent joint execution. King's Appeal, 9 Pa. 124; Cooper's Appeal, 29 Pa. 9; Dyer v. Clark, 5 Mete. (Mass. ) 562, Ames' Cas. 251. If a separate execution creditor levy upon the joint stock, and the other partners have no equities against the de...fendant in the execution, having parted with their lien, the separate creditor will take the proceeds of sale in preference to a subsequent joint execution. York County Bank's Appeal, 32 Pa. 446.
i»sa See Foster v. Field, 13 Old. 230, 74 Pac. 190; Adams v. Hack- ett, 7 Cal. 187; Holmes v. McDowell, 15 Hun (N. Y. ) 585, Burdick's Cases, 434; Jackson v. Lahee, 114 111. 287, 2 N. E. 172.
APPLICATION OF ASSETS. 229 127. Priorities in Firm Property . — Firm assets must be ap- plied tojthe discharge of firm debts, in preference to the claims of the partners or of their individual cred- itors, except — Exceptions — (a) Where firm assets have been converted in good faith into sep arate property.
What to read after A Treatise On the Law of Partnership?
You can find similar books in the "Read Also" column, or choose other free books by Walter Adams Shumaker to read onlineMoreLess
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