Whitney v. Cotten
Mississippi Supreme Court
Appeal from the Chancery Court of Amite County. Hon. Thomas Y. Berry, Chancellor. M. M. Whitney, surviving partner of the mercantile firm of Cotten & Whitney, filed this bill, showing that his partner, W. A. Cotten, died 14th June, 1874, leaving a widow and children, who are made defendants; that, since the death of Cot-ten, the complainant has settled, as surviving partner, much of the indebtedness of said firm, and can settle it all, by giving his individual obligations,…
Read the full summary
Appeal from the Chancery Court of Amite County. Hon. Thomas Y. Berry, Chancellor. M. M. Whitney, surviving partner of the mercantile firm of Cotten & Whitney, filed this bill, showing that his partner, W. A. Cotten, died 14th June, 1874, leaving a widow and children, who are made defendants; that, since the death of Cot-ten, the complainant has settled, as surviving partner, much of the indebtedness of said firm, and can settle it all, by giving his individual obligations, except a debt due to Alcus Scherk & Autey, which ought to be paid by sale of lands. There is no money of the firm to pay…
1Opinion of the CourtSimrall, C. J.
However the doctrine may have vacillated elsewhere, it has been uniformly held in this State that real estate bought with partnership funds, or acquired in satisfaction of debts, constitutes assets of .the firm, so far as the partners and creditors are concerned, quite as effectually as dioses in action or merchandise. The mere fact of the acquisition in that mode works an equitable conversion of them into personal estate. A court of equity will not undertake to disregard the assurances of title under which they are held, but will treat the holder of the title as trustee for the purposes of…
2Cases cited5 opinions
- Rice v. BarnardSupreme Court of Vermont · 1848
- Scruggs v. BlairMississippi Supreme Court · 1870
- Irby v. GrahamMississippi Supreme Court · 1872
- Divine v. MitchumCourt of Appeals of Kentucky · 1844
- Hodges v. HolemanCourt of Appeals of Kentucky · 1833
3Cited by5 opinions
- Barry v. MattocksMississippi Supreme Court · 1930
- Yates v. CouncilMississippi Supreme Court · 1924
- In re CoddingDistrict Court, W.D. Pennsylvania · 1881
- Estate of Mladinich v. CommissionerUnited States Tax Court · 1991
- Tinsley v. State Tax CommissionMississippi Supreme Court · 1970