Commercial Bank v. Watt

1. The individual interest of a partner in partnership assets is no more than his interest in the surplus effects of the partnership that remain after all the debts of the partnership have been discharged. Drexel Furniture Co. v. Bank of Dearing, 178 Ga. 33 (172 S. E. 30), and cit. The principle was applied In re Stewart, 23 Fed. Cas. 51, holding: “No individual exemption can be allowed out of the partnership estate at the expense of the joint creditors.” See also Jensen v. Wiersma, 185 Iowa, 551 (170 N. W. 780, 4 A. L. R. 298, 308, and cit.)

2. Under the foregoing principle, if the individual…