In re Hollister
District Court, E.D. Kentucky
In Bankruptcy. Hearing upon exceptions to register’s report. Hollister, the bankrupt, was a member of the firm of Hollister, Jones & Co. This firm did business in Cincinnati, and when Hollister went into bankruptcy it took the benefit of the Ohio insolvent law. It was indebted to the Northern Bank of Kentucky upon a claim upon which William H. Leathers was surety.
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In Bankruptcy. Hearing upon exceptions to register’s report. Hollister, the bankrupt, was a member of the firm of Hollister, Jones & Co. This firm did business in Cincinnati, and when Hollister went into bankruptcy it took the benefit of the Ohio insolvent law. It was indebted to the Northern Bank of Kentucky upon a claim upon which William H. Leathers was surety. Mrs. Bettie Fisher was the holder of a note made by Hollister as principal, and Leathers as surety, for 09,000. Leathers went into bankruptcy about the same time that Hollister did. He effected a composition with his creditors at 20…
1Opinion of the Court
Base, D. J.
This cause is hoard upon the register’s opinion on the claim of William H. Leathers.
There is not a doubt about the rule that a partnership debt is not entitled to a dividend out of individual assets until the individual debts are paid in full. The Northern Bank debt is against the firm, and, as the individual assets will not pay the individual debts, the bank can get nothing, and of course Leathers cannot get a dividend for this debt.
The payment of part of the debt of Mrs. Fisher, or part of the debt of any other creditor, by Leathers, as surety of Hollister, does not itself give…
2Cases cited4 opinions
- In Re All Media Properties, Inc.United States Bankruptcy Court, S.D. Texas · 1980
- Briney v. Burley (In Re Burley)United States Bankruptcy Court, C.D. California · 1981
- In Re PolakDistrict Court, W.D. Michigan · 1981
- In Re New Haven Radio, Inc.United States Bankruptcy Court, D. Connecticut · 1982
3Cited by3 opinions
- Swarts v. Fourth National BankCourt of Appeals for the Eighth Circuit · 1902
- In re HeymanDistrict Court, S.D. New York · 1899
- Coats Shingle Co. v. Chester Snow Log & Shingle Co.Washington Supreme Court · 1919