In Re the Judicial Settlement of the Estate of Gray
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court in the second judicial department, made December 14, 1886, reversing in part a decree of the surrogate of the county of Orange, upon settlement of the accounts of Lewis E. Carr, as administrator of the estate of Charles B. Gray, deceased.
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Appeal from order of the General Term of the Supreme Court in the second judicial department, made December 14, 1886, reversing in part a decree of the surrogate of the county of Orange, upon settlement of the accounts of Lewis E. Carr, as administrator of the estate of Charles B. Gray, deceased. (Reported below, 42 Hun, 411.) Hpon the accounting Sarah B. Lockwood, who held a joint and several note, executed by the decedent, O. G. Lockwood and herself, payable to the order of H. H. Farnum, presented the same as a claim against the estate. It appeared that the makers, Gray and Lockwood,…
1Opinion of the CourtAndrews, J.
* It is conceded that the right of Mrs. Loekwood to share in the distribution of the assets of the estate of Charles B. Gray, in the hands of his administrator, is governed by the rules by which courts of equity are guided in distributing the separate estate of an insolvent, as between his separate creditors and the creditors of a copartnership of which he was a member. The general rule in such cases is that the separate creditors are entitled to be first paid, on the ground that their debts were contracted on the credit of the separate estate, while partnership debts are contracted primarily…
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