Moley v. Brine
Massachusetts Supreme Judicial Court
Bill in equity to close up a partnership. At a former hearing, before Wells, J., the plaintiffs relied on an agreement signed by the three partners, of which the following is a copy: “ Agreement made this third day of August A. D. 1871, between J. B. Brine, P. J. Moley and E. F. Jackson. The partnership heretofore existing under the firm of Brine Bros. & Co. is hereby dissolved.
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Bill in equity to close up a partnership. At a former hearing, before Wells, J., the plaintiffs relied on an agreement signed by the three partners, of which the following is a copy: “ Agreement made this third day of August A. D. 1871, between J. B. Brine, P. J. Moley and E. F. Jackson. The partnership heretofore existing under the firm of Brine Bros. & Co. is hereby dissolved. E. F. Jackson is alone authorized to sign the name of the firm in liquidation, make collections, pay bills, receive money and draw checks, until the old business is settled as hereafter arranged. The other partners…
1Opinion of the CourtGray, C. J.
The assets remaining upon the settlement of the business of the partnership, being less than the amount contributed by all the partners to the common stock, must be divided among them according to the amount of their contributions, and the deficiency must be borne by the partners in the same proportions in which they were to bear profits and losses, that is to say, in this case, equally. Whitcomb v. Converse, 119 Mass. 38.
*326This rule is not affected by the fact that the defendant is an infant. According to the agreement between the parties, he contributed less than one eighth of the capital…
2Cases cited1 opinion
- Whitcomb v. ConverseMassachusetts Supreme Judicial Court · 1875
3Cited by14 opinions
- Fairbanks v. SnowMassachusetts Supreme Judicial Court · 1887
- Frye v. YasiMassachusetts Supreme Judicial Court · 1951
- Kelly v. HaloxMassachusetts Supreme Judicial Court · 1926
- Godfrey v. Mutual Finance Corp.Massachusetts Supreme Judicial Court · 1922
- Jennings v. William A. Stannus & SonCourt of Appeals for the Ninth Circuit · 1911
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