Ex parte Nason
Supreme Judicial Court of Maine
On exceptions. Joseph Titcomb & "W. L. Thompson had for many years been engaged together in ship building in Kennebunk, and were reputed to be wealthy.
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On exceptions. Joseph Titcomb & "W. L. Thompson had for many years been engaged together in ship building in Kennebunk, and were reputed to be wealthy. In consequence of losses and a continued depreciation of their property and the ship building business, they determined that it was their duty, and that the interests of their joint and separate creditors required a suspension of their business and an application of their property to the payment of their liabilities before any further depreciation took place. Under advice of counsel, to accomplish this purpose they made the voluntary…
1Opinion of the CourtPeters, J.
A question in the case is this: If a person holds a joint and several note given by partners in their partnership name, they being in insolvency as partners and also as individuals, is such person entitled to prove his note against the joint estate of the firm and also against the several estates of the individual members of the firm, and to receive dividends therefrom? We are of the opinion that he may do so.
The authorities of the present day are strongly in favor of such a rule in the settlement of bankrupt or insolvent estates. The English courts, after some hesitation, at an early day…
2Cases cited13 opinions
- In Re KingUnited States Bankruptcy Court, D. Oregon · 1981
- Turner v. . JaycoxNew York Court of Appeals · 1869
- Public Finance Corp. of Rhode Island v. Walker (In Re Walker)United States Bankruptcy Court, D. Rhode Island · 1980
- Berkshire Woolen Company v. . JuillardNew York Court of Appeals · 1879
- Turner v. New York Hospital (In Re Moskowitz)District Court, S.D. New York · 1981
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3Cited by4 opinions
- Anderson v. Stayton State BankOregon Supreme Court · 1916
- Southern Michigan National Bank v. BylesMichigan Supreme Court · 1887
- Hawkins v. MahoneySupreme Court of Minnesota · 1898
- Colwell v. Weybosset National BankSupreme Court of Rhode Island · 1889