Wells v. Ellis

— On the 20th of January, 1883, the plaintiff brought the action in hand against the defendant for an accounting and settlement of the affairs of a partnership, alleged to be existing between himself and defendant.

But it was set up as a defense to the action, and proved, and the court finds, that the partnership after it had been formed and operated for some years became insolvent, when, in September, 1882, the copartners made an assignment of all the partnership property, “ except what by law was exempt from execution,” to three persons in trust for the benefit of all creditors of the firm.…