Passumpsic Savings Bank v. First National Bank
Supreme Court of Vermont
This cause was heard at the December Term, 1879; Caledonia County. Ross, Chancellor, made the following decretal order: The foregoing case was heard on bill, answer, traverse, and testimony.
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This cause was heard at the December Term, 1879; Caledonia County. Ross, Chancellor, made the following decretal order: The foregoing case was heard on bill, answer, traverse, and testimony. From the condition of the mortgage under which the orator seeks a foreclosure, I think that the partnership debts, therein specified, are a prior lien on the property to the orator’s note, for the balance of the purchase money of said Colby’s share; and also that the condition of the mortgage, as to the balance of the purchase money,- only operated to put the defendant upon 'inquiry as to such…
1Opinion of the Court
The opinion of the court was delivered by
Veazey, J.
When Colby, of the firm of Colby, Gay <fc Orcutt, sold his third interest to his partners, Gay & Orcutt, the latter gave a mortgage to Colby and Blake, (Blake having formerly been a partner in the business with Colby and Gay, and had sold his interest to Orcutt), conditioned that “ Gay and Orcutt, their heirs, etc., should pay or cause to be paid, and save the said Colby and Blake, or either of them, harmless from all liability of any kind or description, from any debts or liabilities of the late firm of Colby, Gay & Blake, and the firm of…
2Cases cited4 opinions
- Case v. BeauregardSupreme Court of the United States · 1879
- Blaisdell v. StevensSupreme Court of Vermont · 1844
- Seymour v. DarrowSupreme Court of Vermont · 1858
- Stafford v. BallouSupreme Court of Vermont · 1845
3Cited by9 opinions
- Limerick National Bank v. AdamsSupreme Court of Vermont · 1897
- Lamoille County Savings Bank & Trust Co. v. BeldenSupreme Court of Vermont · 1916
- Burlington Building & Loan Ass'n v. CummingsSupreme Court of Vermont · 1941
- Farmers Exchange v. Lowney Co.Supreme Court of Vermont · 1921
- Pellon v. Connecticut General Life InsuranceSupreme Court of Vermont · 1933
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