Burns Smucker v. . Harris Allen
Supreme Court of North Carolina
This was an appeal from a decision rendered'by His Honor Judge Watts, at Chambers, on the 28th day of January, 1871, in a civil action pending in the Superior Court of Franklin.
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This was an appeal from a decision rendered'by His Honor Judge Watts, at Chambers, on the 28th day of January, 1871, in a civil action pending in the Superior Court of Franklin. The action for goods, &c., sold, was commenced October 15th, 1870, and before the summons term, justices executions issued on judgments in favor of other creditors against the defendants who were merchants, on the 27th October, 1870 ; the constable before levying, proceeded to lay off to each of the defendants, out of the partnership effects, an exemption ©f $500; on the same day the defendants executed a deed in…
1Opinion of the CourtEeade, J.
The property of a partnership belongs neither to one partner nor another, but to both or all. And the individual interest of a partner is only a share of wlvat remains after the partnership liabilities are satisfied and the partnership closed up. This is the general rule. Whether, therefore, one of the partners is entitled to have his §500 personal property exemption out of the partnership effects, before the debts of the firm are satisfied, is a grave question, which may come up for decision but it does not clearly arise in this case and, therefore, we do not decide it." It would arise in…
2Cited by1 opinion
- Burns & Smucker v. Harris & AllenSupreme Court of North Carolina · 1872