Robb v. Stevens
New York Court of Chancery
The bill in this case charges that the defendants, John Cronkhite and Barney M. Springsteen, being in copartnership as traders, became indebted in the year 1836, to the complainants for goods .purchased of them; and on the 4th of Feb. 1837, executed a bond and warrant of attorney to the complainants for the amount of said .debt, upon which a judgment was entered Feb. 9, 1837. The firm of Cronkhite & Springsteen had two stores, one at Pekin and one at Lockport.
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The bill in this case charges that the defendants, John Cronkhite and Barney M. Springsteen, being in copartnership as traders, became indebted in the year 1836, to the complainants for goods .purchased of them; and on the 4th of Feb. 1837, executed a bond and warrant of attorney to the complainants for the amount of said .debt, upon which a judgment was entered Feb. 9, 1837. The firm of Cronkhite & Springsteen had two stores, one at Pekin and one at Lockport. Some time in 1836, it is alleged that they sold out the store in Pekin, and took real estate and notes in payment, which notes were…
1Opinion of the Court
The Vice Chancellor.
It is a general rule that co-partnership property shall be in the first place applied to the payment of the debts of the partnership, before it can be applied to the payment of the separate debt of the individual partner. But it would seem, in most cases at least, that this ruléis adopted for the protection of the other partners, to prevent the funds accumulated by their joint means and joint credit, being misapplied or diverted to the payment *194of the individual debt of one of the partners* Thus# if an execution issued against an individual partner# is levied upon the…
2Cases cited4 opinions
- Egberts v. WoodNew York Court of Chancery · 1831
- Hutchinson v. SmithNew York Court of Chancery · 1837
- Havens & Dorr v. HusseyNew York Court of Chancery · 1834
- Deveau v. FowlerNew York Court of Chancery · 1831
3Cited by1 opinion
- Griffith v. BuckCourt of Appeals of Maryland · 1859