Irby v. Graham
Mississippi Supreme Court
Appeal from the chancery court of Panola county. Simmohs, Chancellor. The rule at common law is, that partnership debts must be paid from partnership effects, and individual debts from individual effects. 3 Kent’s Com. 65; Story on Part.; McCulloch v. Dashiel, Admr., 1 Harr. & Gill. 96; 5 Johns. Ch. 60; 1 Story’s E Equality is what we ask. Make us equal to the creditors who have received 29.70 per cent of their debt, and we will pro rata the residue.
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Appeal from the chancery court of Panola county. Simmohs, Chancellor. The rule at common law is, that partnership debts must be paid from partnership effects, and individual debts from individual effects. 3 Kent’s Com. 65; Story on Part.; McCulloch v. Dashiel, Admr., 1 Harr. & Gill. 96; 5 Johns. Ch. 60; 1 Story’s E Equality is what we ask. Make us equal to the creditors who have received 29.70 per cent of their debt, and we will pro rata the residue. We do not believe the law, as above found in How. & Hutch., has been materially changed by the provisions of the Rev. Code, p. 57, making all…
1Opinion of the Court
SlMBALXi, J. :
The question arises upon the relative rights of partnership and individual creditors of the deceased insolvent, in the distribution of the proceeds of the separate estate in the hands of the administrator. The amo ant of claims allowed against the estate of Benjamin Irby, deceased, is $18,742. The amount of claims established against the partnership composed of the deceased and John F. Ward (which was also insolvent) is $7,597, upon which payments oiif~bT"ffie partnership assets was made of $2,259, or 29 per cent on the dollar. The balance reported by the administrator for…
2Cases cited3 opinions
- Wilder v. KeelerNew York Court of Chancery · 1831
- Faler v. JordanMississippi Supreme Court · 1870
- Hamersley v. LambertNew York Court of Chancery · 1817
3Cited by10 opinions
- In re WilcoxDistrict Court, D. Massachusetts · 1899
- Hundley v. FarrisSupreme Court of Missouri · 1890
- Doggett v. DillIllinois Supreme Court · 1884
- Ault v. BradleySupreme Court of Missouri · 1905
- Level v. FarrisMissouri Court of Appeals · 1887
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