Posner v. Little Pine Lumber Co.

This is a contest over the distribution of a fund in the hands of the sheriff of the parish of Rapides.

On February 4, 1920, J. D. Colbert, a member of the partnership known as the Little Pine Lumber Company, sold his entire undivided interest in and to the partnership to the remaining partners, L. R. Baker and J. W. Stell. The consideration of this sale, which was by notarial act, was $1,700, of which amount $1,000 was paid partly in cash and partly in its equivalent, and for the balance of the purchase price the purchasers executed two notes of $300 and $400 respectively. The note of $300…