Flood v. Strong
Michigan Supreme Court
Appeal from Shiawassee; Wisiier, J., presiding. Bill by John Flood against Walter D. O. Strong and Newton Baldwin to enjoin an administrator’s sale. From a decree for complainant, defendants appeal. One Isaac M. Strong and his son, Walter M. Strong, were bankers in Bancroft, Mich., under the firm name of I. M. Strong & Son.
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Appeal from Shiawassee; Wisiier, J., presiding. Bill by John Flood against Walter D. O. Strong and Newton Baldwin to enjoin an administrator’s sale. From a decree for complainant, defendants appeal. One Isaac M. Strong and his son, Walter M. Strong, were bankers in Bancroft, Mich., under the firm name of I. M. Strong & Son. While so in business, on September 1, 1883, they executed a note for$l,000 to defendant Walter D. 0. Strong, and on December 3d, same year, another note for $505. Interest was paid upon these notes until the death of I. M. Strong, March 12, 1888. Defendant Strong is and…
1Opinion of the CourtGrant, J.
(after stating the facts). We think the conclusion of the learned circuit judge that defendant Strong was guilty of laches cannot be sustained. Walter, as surviving partner, was entitled to the possession of the partnership assets, and to continue the business for the *563purpose of winding it up. Whether there were personal assets at any time to pay the defendant’s notes does not appear. There is nothing to show what the personal assets were, or what was their value, or that Walter misappropriated any of such assets. Defendant Strong was under no legal obligation to take steps to secure an…
2Cases cited1 opinion
- Armstrong v. LoomisMichigan Supreme Court · 1893
3Cited by4 opinions
- First National Bank v. ConnollyOregon Supreme Court · 1942
- Van Norsdall v. SmithMichigan Supreme Court · 1905
- In Re McDivitt EstateMichigan Court of Appeals · 1988
- First National Bank v. ConnollyOregon Supreme Court · 1942