Fairfield v. Phillips
Supreme Court of Iowa
Appeal from Butler District Court. — Hon. J. C. Sherwin, Judge. Action in chancery to settle certain copartnerships existing between the parties under three separate contracts, — one for the transaction of a general retail lumber, grain, coal and produce business; another for the transaction of a banking business; and the third for the purchase of mining stock.
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Appeal from Butler District Court. — Hon. J. C. Sherwin, Judge. Action in chancery to settle certain copartnerships existing between the parties under three separate contracts, — one for the transaction of a general retail lumber, grain, coal and produce business; another for the transaction of a banking business; and the third for the purchase of mining stock. The business under the first two contracts was settled by the parties before trial, leaving the case depending for trial as to the third contract. A decree was entered for the plaintiff. The •defendant appeals.
1Opinion of the CourtBeck, C. J.
I. The parties, as a copartnership, bought certain mining stock, which was transferred in equal quantities to each separately. The stock in the name of the defendant he transferred, receiving therefor, after two or three transactions to secure payment, .a farm, which was conveyed to him individually. He .subsequently executed a mortgage upon the farm to secure an indebtedness of his own. The plaintiff insists that the mining stock was partnership property, and that, as the defendant had sold it, and appropriated to *573Ms own use the proceeds of the sale, he is liable to the plaintiff for half…
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