Sayre v. Peck
New York Supreme Court
In EauiTY. On the second day of March, 1839, the plain.tiff and the defendant entered into copartnership as merchants, under the firm of “Peck & Sayre.” Peck was to furnish $10,000 capital, and Sayre $15,000. The profits and losses of the partnership were to be shared and borne equally.
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In EauiTY. On the second day of March, 1839, the plain.tiff and the defendant entered into copartnership as merchants, under the firm of “Peck & Sayre.” Peck was to furnish $10,000 capital, and Sayre $15,000. The profits and losses of the partnership were to be shared and borne equally. The partnership having been dissolved, the following agreement was executed by the parties on the 23d day of January, 1843. “ Whereas the copartnership heretofore existing between the subscribers, John Peck and David L. Sayre, under the firm of Peck & Sayre, has been dissolved by its own limitation: now in…
1Opinion of the CourtHarris, J.
The only question in this case is, what effect shall be given to the fifth clause in the agreement of the 23d of January, 1843, which provides that, after the plaintiff shall have discharged all the debts and liabilities of the partnership, “ the accounts of the partners shall be made equal by said Sayre selecting and taking to his own account, from the assets or effects of the firm, an amount sufficient to equalize the accounts of said partners, with interest.” The defendant insists that, by this agreement, he was discharged from all personal liability to the plaintiff for any deficiency of…
2Cited by2 opinions
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