Abercrombie v. Spalding
Massachusetts Supreme Judicial Court
Contract upon a written guaranty. The case was submitted to the Superior Court, and, after judgment for the defendants, to this court, on appeal, on agreed facts, in substance as follows. William B. Phinney and Bolling G. Abercrombie, partners, entered into an agreement, dated August 28, 1889, wherein they stipulated: “ That the said firm is dissolved by mutual consent.
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Contract upon a written guaranty. The case was submitted to the Superior Court, and, after judgment for the defendants, to this court, on appeal, on agreed facts, in substance as follows. William B. Phinney and Bolling G. Abercrombie, partners, entered into an agreement, dated August 28, 1889, wherein they stipulated: “ That the said firm is dissolved by mutual consent. That the said Phinney shall wind up the affairs of said firm, and the said Abercrombie, in consideration of the agreement of the said Phinney herein contained, hereby grants, bargains, sells, and assigns to the said Phinney…
1Opinion of the CourtHolmes, J.
There is no doubt that advances by a partner to his firm, other than contributions of capital, are accounted for *35by the firm on the footing of debts, although postponed of course to the claims of other creditors. Miller’s River National Bank v. Jefferson, 138 Mass. 111, 112. Lindl. Part. (5th ed.) 402. See Whitcomb v. Converse, 119 Mass. 38, 43. There is no doubt that such liabilities of the firm often are described as debts in commercial language, or that, in construing a commercial agreement, the question is what the words fairly mean, not whether they are used with strict legal propriety.…
2Cases cited4 opinions
- Whitcomb v. ConverseMassachusetts Supreme Judicial Court · 1875
- Miller's River National Bank v. JeffersonMassachusetts Supreme Judicial Court · 1884
- Lambert v. GriffithMichigan Supreme Court · 1883
- Hobart v. HowardMassachusetts Supreme Judicial Court · 1812
3Cited by2 opinions
- Locke v. LockeMassachusetts Supreme Judicial Court · 1896
- John T. D. Blackburn, Inc. v. LivermoreMassachusetts District Court, Appellate Division · 1944