Cretien v. Kincaid

SMITH, Justice.

In October, 1933, appellee, Joe M. Kin-caid, Jr., and appellants, Paul D. Cretien and W. J. Bramblett, as partners, owned and were operating a chemical laboratory in San Antonio; Kincaid having previously purchased from Cretien and Bram-blett, for $2,500, a 40 per cent, interest in the business, in which the other two partners each retained a 30 per cent, interest. On July 19, 1933, Kincaid borrowed $1,-000 from a local bank, giving a partnership note therefor, as well as a chattel mortgage upon the partnership assets as security. This note was renewed on September 24, to…