Thorpe v. Pennock Mercantile Co.
Supreme Court of Minnesota
Action in the district court for Ramsey county to determine the respective rights of the creditors of defendant Pennock Mercantile Company, a corporation, and A. O. Sather & Company, a partnership, to moneys realized from a sale of the assets of the corporation by plaintiffs as trustees.
Read the full summary
Action in the district court for Ramsey county to determine the respective rights of the creditors of defendant Pennock Mercantile Company, a corporation, and A. O. Sather & Company, a partnership, to moneys realized from a sale of the assets of the corporation by plaintiffs as trustees. The case was tried before Bunn, J., who made findings of fact, and as conclusions of law found that the moneys in possession of the trustees, after paying the expenses of administering the trust, should be applied first upon the indebtedness of the corporation, and that the residue should be divided among the…
1Opinion of the CourtElliott, J.
A. O. Sather & Co., a partnership composed of A. O. Sather, O. P. Sather, and O. P. Johnson, was engaged in the general mercantile business at Pennock, Minnesota. In the spring of 1904 the firm was indebted to various creditors, and was insolvent in the sense that it was *24unable to pay its debts in the ordinary course of business, although apparently the book value of its assets exceeded the amount of its liabilities. In March, 1904, Albert Nelson and Peter Ellingson agreed to put $2,000 each into the business, and it was understood between them and the members of the partnership that a…
2Cases cited31 opinions
- Case v. BeauregardSupreme Court of the United States · 1879
- Wright v. . HartNew York Court of Appeals · 1905
- John P. Squire & Co. v. TellierMassachusetts Supreme Judicial Court · 1904
- Young v. CommonwealthSupreme Court of Virginia · 1903
- McDaniels v. J. J. Connelly Shoe Co.Washington Supreme Court · 1902
26 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- State v. KellySupreme Court of Minnesota · 1944
- Jaques & Tinsley Co. v. Carstarphen Warehouse Co.Supreme Court of Georgia · 1908
- Klein v. . MaravelasNew York Court of Appeals · 1916
- Wheeler & Motter Merc. Co. v. MoonMontana Supreme Court · 1914
- Goldstein v. MaloneySupreme Court of Florida · 1911
20 more not listed; retrieve them via the Exa API.