Catskill Bank v. Horace Gray & the Ulster Iron Co.
New York Supreme Court
This cause was tried at the Greene circuit in April, 1849, before Mr. Justice Parker, a trial by jury having been waived by the consent of parties. In September, 1843, the Ulster Iron Company leased to one Horace Gray, for the term of five years, their Iron Works at Saugerties, in the county of Ulster.
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This cause was tried at the Greene circuit in April, 1849, before Mr. Justice Parker, a trial by jury having been waived by the consent of parties. In September, 1843, the Ulster Iron Company leased to one Horace Gray, for the term of five years, their Iron Works at Saugerties, in the county of Ulster. The company covenanted that Gray might expend, in putting the works in order, and in additional machinery, a sum not to exceed $5000, and for the amount so expended, the company was to allow him interest, at six per cent from the date of the expenditures until the rent should he equal to the…
1Opinion of the Court
By the Court, Wright, J.
The judge who tried the cause decided that the defendants, under the pleadings and evidence, were jointly liable to the plaintiffs for the moneys loaned by the latter, and which were used in and about the business of manufacturing iron at the Ulster Iron Works, in 1847. This is correct, if by the terms of the agreement of September, 1843, Horace Gray and the Ulster Iron Company sustained the relation of partners, as respected third persons, and the money was loaned to the supposed partnership or to the agent of the partnership as such. If they are to be made to respond…
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