Sage v. Chollar
New York Supreme Court
MOTION to dissolve injunction. The defendants Chollar, Sage and Dunham, in March, 1854, and prior thereto, were partners in the foundry business, at West Troy. In May, 1853, the firm made and delivered to Benjamin H. Sage, one of the partners, their two notes, one for five thousand dollars, the other for one thousand dollars. These notes were transferred to the plaintiif, who at the time of the commencement of this suit was the holder thereof.
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MOTION to dissolve injunction. The defendants Chollar, Sage and Dunham, in March, 1854, and prior thereto, were partners in the foundry business, at West Troy. In May, 1853, the firm made and delivered to Benjamin H. Sage, one of the partners, their two notes, one for five thousand dollars, the other for one thousand dollars. These notes were transferred to the plaintiif, who at the time of the commencement of this suit was the holder thereof. In March, 1854,■ Benjamin H. Sage sold and transferred his interest in the copartnership to the defendant Dunham, and in June following, Dunham sold…
1Opinion of the Court
By the Court, Harris, J.
Partnership property is regarded, in equity, as a sort of trust fund appropriated for the purpose of paying partnership debts, “ There is,” says Story, “ properly speaking, as between the partners, a lien, or at least an equity, which may be worked out through the partners, in favor of the creditors, although it may not directly attach in the creditors by virtue of their original claims.” (Story on Partnership, § 97.) “ The equity,” says Lord Eldon, “ is not that of the joint creditors, but that of the partners with regard to each other, that operates to the payment of…
2Cases cited2 opinions
- Kirby v. SchoonmakerNew York Court of Chancery · 1848
- Ketchum v. DurkeeNew York Court of Chancery · 1846
3Cited by9 opinions
- Dimon v. . HazardNew York Court of Appeals · 1865
- Morgan v. SkidmoreNew York Court of Appeals · 1870
- Schleicher, Schumm & Co. v. WalkerSupreme Court of Florida · 1891
- In re SauthoffDistrict Court, W.D. Wisconsin · 1877
- Wooldridge v. IrvingUnited States Circuit Court · 1884
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