Upson v. Arnold
Supreme Court of Georgia
In Equity, in Oglethorpe Superior Court. Decision by Judge Thomas W. Thomas, October Term, 1855. William S. Arnold, during his life, entered into partnership with Benj. A. Gresham in a mercantile enterprise. Subsequently, Gresham sold out to Arnold all of the assets of the firm, and Arnold assumed the payment of the debts o£ the firm.
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In Equity, in Oglethorpe Superior Court. Decision by Judge Thomas W. Thomas, October Term, 1855. William S. Arnold, during his life, entered into partnership with Benj. A. Gresham in a mercantile enterprise. Subsequently, Gresham sold out to Arnold all of the assets of the firm, and Arnold assumed the payment of the debts o£ the firm. Arnold then entered into a partnership with Stephen Upson, as a limited partner — Upson putting in the sum of $5,000. Subsequently, Upson retired, selling out to Arnold, who assumed payment of the debts. Arnold. died insolvent, many of the debts of the two…
1Opinion of the Court
By the Court.
Lumpkin, J.
delivering the opinion.
[1.] It is distinctly admitted by the able Counsel for the-plaintiff in error, that in case of general partnerships, if the retiring partner bona fide assigns all his interest in the stock and effects to the remaining partner, that the same becomes thereby separate property, and will be distributable accordingly, notwithstanding the subsequent insolvency of the remaining partner; and that the sale made by Gresham to-Arnold, comes within this principle; and such, undoubtedly, is the law. (Perkins’ Bdition of Collyer on Partnerships,. 789.)
He…
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- Goodbar v. CaryDistrict Court, N.D. Mississippi · 1882
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