Kirby v. Schoonmaker
New York Court of Chancery
This was an appeal, by the complainant, from a decree oí the vice chancellor of the second circuit, dismissing the bill of the complainants. J. B. Schoonmaker and L. Gasharie had been copartners in trade under the name of Schoonmaker & Gasharie, and as such copartners had become indebted to the complainants; wbo subsequently recovered a judgment for their debt, and an execution was issued thereon and returned unsatisfied.
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This was an appeal, by the complainant, from a decree oí the vice chancellor of the second circuit, dismissing the bill of the complainants. J. B. Schoonmaker and L. Gasharie had been copartners in trade under the name of Schoonmaker & Gasharie, and as such copartners had become indebted to the complainants; wbo subsequently recovered a judgment for their debt, and an execution was issued thereon and returned unsatisfied. The object of this bill was to set aside an assignment which Schoonmaker and Gasharie had made, of all their individual and copartnership property for the payment of their…
1Opinion of the Court
The Chancellor.
This bill is not. properly framed to set aside the assignment as fraudulent. For no fraud is alleged; unless the mere fact of directing the payment of individual debts, out of copartnership property, rateably with and in preference to the debts of the firm, is necessarily a fraud upon the joint creditors, so as to render the Avhole assignment fraudulent. If the giving a preference to the individual creditors, or placing them upon an equality with the creditors of the firm, is merely inequitable in reference to a portion of the individual debts, but is not fraudulent, the bill…
2Cited by47 opinions
- Saunders v. . ReillyNew York Court of Appeals · 1887
- Fisher v. SyfersIndiana Supreme Court · 1887
- Crook v. . RindskopfNew York Court of Appeals · 1887
- Thorpe v. Pennock Mercantile Co.Supreme Court of Minnesota · 1906
- Goddard-Peck Grocery Co. v. McCuneSupreme Court of Missouri · 1894
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