Kneeland v. McLachlen

JAMES, Chief Justice.

Appellant and appellee were partners in the-insurance and real estate business at El Paso, Texas, under the firm name of Kneeland & Co. On or about January 11,1887, Kneeland bought outMcLachlen’s interest in the firm, assuming its indebtedness, for the sum of 82000, paying §1400 in cash and giving the §600 note upon which this suit is brought.

Defendant pleaded, that at that time McLachlen was so much indebted to the Arm that a fair adjustment between the partners would have left-his interest of no value whatever; on the contrary, he was largely indebted . to the Arm and…