Fayette Wholesale Grocery Co. v. Brown Bros.

Hatcher, Judge:

On January 12, 1920, P. L. Abbot, B. G. Brown, and Denver Brown, who were equal partners in a small lumber operation, organized a corporation, by name of Brown Brothers and Abbot Lumber Company. The stockholders were the partners and the respective wives of the Browns. The partners then traded the assets of the partnership, subject to its liabilities, to the corporation for its stock of the par value of $10,000.00. Sometime thereafter, the saw mill burned, the corporation became insolvent, and some of the creditors seek in this suit to hold the partners personally liable for…