North Pennsylvania Coal Company's Appeal
Supreme Court of Pennsylvania
ERROR to the Common Pleas of PMladelphia. This was an appeal by The North Pennsylvania Coal Company from the decree of the court below, in the matter of the second account of Isaac S. Waterman, assignee of White, Stevens & Co. The account was referred to C. E. Lex, Esq., with power to “ audit, settle, and adjust the second account, of, &e., and make distribution of the balance in the hands of the accountant.”
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ERROR to the Common Pleas of PMladelphia. This was an appeal by The North Pennsylvania Coal Company from the decree of the court below, in the matter of the second account of Isaac S. Waterman, assignee of White, Stevens & Co. The account was referred to C. E. Lex, Esq., with power to “ audit, settle, and adjust the second account, of, &e., and make distribution of the balance in the hands of the accountant.” The account, as vouched, showed a net balance in the hands of the accountant of $48,842.12. Among the claims on this fund was the following:— John C. Knox, Esq., on behalf of Stanley…
1Opinion of the Court
The opinion of the court was delivered,
by
Fead, J.
If money is borrowed or goods bought or any other contact is made by one partner upon his own exclusive credit, he aone is liable therefor; and the partnership, although the money, property, or other contract is for their proper use and beneit, or is applied thereto, will in no manner be liable therefor (Story on Part., § 134); and where there is no antecedent debt, but th bond of one partner is taken, at the time money is loaned to the partnership, and as the consideration for loaning the money,!t can hardly be treated as a collateral…
2Cases cited2 opinions
- Graeff v. HitchmanSupreme Court of Pennsylvania · 1836
- Bond v. AitkinSupreme Court of Pennsylvania · 1843
3Cited by2 opinions
- Estate of the Van Haagen Soap Co.Supreme Court of Pennsylvania · 1891
- Allison v. KingSupreme Court of Alabama · 1917