Cases On the Law of Partnership Including Limited Partnerships
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It was expected at the time that the assets would exceed the debts assumed by the firm by at least $30, 000, and this excess of $30, 000 was to be credited to Bowen on the books of the firm as his share of capital to be contributed. The assets were not as large as expected, but were shown to be more than sufficient to pay all the debts assumed. They were first to be used to pay the debts, and the balance, whatever it might be, was to be cred- ited to Bowen. Bowen transferred to the firm the ass...ets to which his creditors had the right to look for the payment of their claims, and hence the prom- ise of the firm to pay such claims must be deemed to have been made for their benefit. It was not made to exonerate Bowen from the pay- ment of his debts, and not primarily nor directly for his benefit, as his property was to be taken to pay the debts, and he was still to re- main liable as one of the principals to pay them. This case is, there- fore, unlike the case of Merrill v. Green, 55 N. Y.
What to read after Cases On the Law of Partnership Including Limited Partnerships?
You can find similar books in the "Read Also" column, or choose other free books by Eugene Allen Gilmore to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
It was expected at the time that the assets would exceed the debts assumed by the firm by at least $30, 000, and this excess of $30, 000 was to be credited to Bowen on the books of the firm as his share of capital to be contributed. The assets were not as large as expected, but were shown to be more than sufficient to pay all the debts assumed. They were first to be used to pay the debts, and the balance, whatever it might be, was to be cred- ited to Bowen. Bowen transferred to the firm the ass...ets to which his creditors had the right to look for the payment of their claims, and hence the prom- ise of the firm to pay such claims must be deemed to have been made for their benefit. It was not made to exonerate Bowen from the pay- ment of his debts, and not primarily nor directly for his benefit, as his property was to be taken to pay the debts, and he was still to re- main liable as one of the principals to pay them. This case is, there- fore, unlike the case of Merrill v. Green, 55 N. Y.
What to read after Cases On the Law of Partnership Including Limited Partnerships?
You can find similar books in the "Read Also" column, or choose other free books by Eugene Allen Gilmore to read onlineMoreLess
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