George F. Russell, Inc. v. Hickcox

A partnership under the name of Thier-mann-Russell Company had existed for some years prior to 1924. The partnership had a broker’s license to transact business for’the year 1924. In January, 1924, a corporation was organized by the partners, under the same name as used by the partners; the same persons became officers of the corporation, save the fact that they took in their respective wives as qualifying directors.

All the assets of the partnership were turned over to the corporation in exchange for stock in the corporation, and the partnership went out of business.

The corporation wrote the…