In re Ward
District Court, W.D. Tennessee
In bankruptcy. On petition to charge Mrs. Margaret Holst as a partner in the firm of J. O. Ward & Co. and to adjudicate her a bankrupt. She claims that the facts only show that she lent her money on a contract to receive one-fourth of the profits as interest on the loan. The creditors insist that she was a partner in fact, and certainly so as to creditors.
1Opinion of the Court
HAMMOND. J.
Partnership is a contract of two or more persons to place their money, effects, labor and skill, or some or all of them, in lawful commerce or business, and to divide the profit and bear the loss in certain proportions. 3 Kent, Comm. 24. There is no difficulty in the ordinary course of business with the case of an actual partner, who appears in his character of an ostensible partner. The question as to the persons on whom the responsibility of partner ought to attach in respect to third persons arises in the ease of dormant partners who participate in the profits of the trade and…
2Cases cited4 opinions
- Parker v. CanfieldSupreme Court of Connecticut · 1870
- Freeman v. BloomfieldSupreme Court of Missouri · 1869
- Duryea v. WhitcombSupreme Court of Vermont · 1858
- In re J. C. Ward & Co.District Court, W.D. Tennessee · 1882