Martin & Bro. v. Davis & Co.
Supreme Court of Iowa
Appeal from Lucas District Court. This is a contest between creditors of the firm of E. 3L Gibbon & Co., which firm was composed of E. K. Gibbon, John B. Custer and "Win. H. Gibbon. Both parties were alike creditors of the said firm. Martin & Bro. obtained a judgment upon their claim on the 7th day of March, 1862, by confession made'by E. X. Gibbon and John B. Custer, against whom alone the judgment was rendered.
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Appeal from Lucas District Court. This is a contest between creditors of the firm of E. 3L Gibbon & Co., which firm was composed of E. K. Gibbon, John B. Custer and "Win. H. Gibbon. Both parties were alike creditors of the said firm. Martin & Bro. obtained a judgment upon their claim on the 7th day of March, 1862, by confession made'by E. X. Gibbon and John B. Custer, against whom alone the judgment was rendered. On the 30th day of April, 1862, S. O. Davis & Co. obtained a judgment upon their claim against •the firm of E. X. Gibbon & Co. In October, 1862, Martin & Bro. caused execution to be…
1Opinion of the CourtCole, J.
The appellants claim, that, although their judgment was junior, and the levy of their execution subsequent to the appellees’ judgment and levy, they are nevertheless entitled to priority, because of the equitable rule which applies partnership property to the payment of partnership debts, and in preference to the- separate debts of the members of the firm. Conceding the rule to the full extent as claimed by appellants, there are still two sufficient reasons for affirming the judgment of the District Court.
1. judgment: copartnership, First, the claim of Martin & Bro. upon which their judgment…
2Cases cited1 opinion
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