In re the Assignment of Hallock
New York County Courts
The Rational Bank of Coxsackie heretofore presented to and filed with the assignee a claim for two promissory notes, amounting to $5,000 of principal, with interest, made by Stephen P. Hallock and indorsed by Roscoe C. Hallock.
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The Rational Bank of Coxsackie heretofore presented to and filed with the assignee a claim for two promissory notes, amounting to $5,000 of principal, with interest, made by Stephen P. Hallock and indorsed by Roscoe C. Hallock. These notes the assignee admits are a proper claim against the assigned estate of Stephen P. Hallock and Roscoe C. Hallock individually, but denies and disputes that they are a claim against the assigned estate of S. P. Hallock & Son, and insists that such claim is not entitled to share in the estate of the copartnership until after the copartnership creditors are…
1Opinion of the CourtTallmadge, J.
Two questions arise under the stipulation for my consideration:
First. Is the Rational Bank of Coxsaclcie entitled to share in the firm assets of Stephen P. Hallock & Son, with the other firm creditors ?
Second. Should not the bank in equity be required to first resort to its collateral security before being entitled to share in the assets or property of the firm, if it is entitled to share at all, in such assets ?
The doctrine has long been settled, that in case of the insolvency of a firm the partnership property must be first applied to pay the partnership debts, and individual property to…
2Cases cited14 opinions
- Case v. BeauregardSupreme Court of the United States · 1879
- Kirby v. SchoonmakerNew York Court of Chancery · 1848
- Saunders v. . ReillyNew York Court of Appeals · 1887
- Bulger v. . RosaNew York Court of Appeals · 1890
- Murray v. MurrayNew York Court of Chancery · 1821
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