P. T. George & Co. v. E. N. Morison & Co.

Early in December, 1899, the firm of P. T. George & Co., ■which had for many years been engaged in trade in Baltimore City, became financially embarrassed and failed in business. The firm was composed of Philip T., Samuel E. and Josias J. George. Samuel E., being very heavily indebted to the firm, withdrew therefrom and made an assignment of his interest in its assets to the remaining partners, and a few days thereafter made an assignment to N. Winslow Williams for the benefit of his creditors without preference.

After Samuel E. George had left the firm its creditors accepted a transfer of all…