Ransom v. Van Deventer
New York Supreme Court
THIS action was in the nature of a creditor’s bill brought by the plaintiffs as judgment creditors of William Van Deventer and Thomas Smithyman, composing the firm of Van. Deventer & Co., to obtain satisfaction of a judgment in their favor, out of a note for $1000 given to said firm by A. F. Whitaker, and transferred by William Yan Deventer, with the consent of Smithyman, to the appellants, in payment of a debt due and owing by said William to them.
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THIS action was in the nature of a creditor’s bill brought by the plaintiffs as judgment creditors of William Van Deventer and Thomas Smithyman, composing the firm of Van. Deventer & Co., to obtain satisfaction of a judgment in their favor, out of a note for $1000 given to said firm by A. F. Whitaker, and transferred by William Yan Deventer, with the consent of Smithyman, to the appellants, in payment of a debt due and owing by said William to them. William Yan Deventer and Smithyman, from December, 1859, to August, 1861, carried on the, foundry business, as partners, in the village of Penn…
1Opinion of the Court
By the Court, E. Darwin Smith, J.
The judgment in this case was obviously based upon the principle that the joint creditors of a copartnership are entitled to priority of payment from its assets, before the private creditors of any of the separate partners. This is the settled rule in bankruptcy and in equity, where courts of equity have acquired control of the assets of a copartnership. Chancellor Walworth states the rule with much carefulness and precision in Kirby v. Schoonmaker, (3 Barb. Ch. R. 49,) as follows: “Where a partnership is dissolved by the death of one of the copartners, or…
2Cases cited2 opinions
- Wilson v. . RobertsonNew York Court of Appeals · 1860
- Kirby v. SchoonmakerNew York Court of Chancery · 1848
3Cited by12 opinions
- Menagh v. . WhitwellNew York Court of Appeals · 1873
- Saunders v. . ReillyNew York Court of Appeals · 1887
- Bernheimer v. . RindskopfNew York Court of Appeals · 1889
- Darby & Co. v. GilliganWest Virginia Supreme Court · 1889
- Patterson & Co. v. SeatonSupreme Court of Iowa · 1886
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