Anshutz v. Fitzsimmons
Supreme Court of Pennsylvania
In error from the District Court of Allegheny. Sherriff being a member of a firm, transferred a note belonging to the firm to his separate creditor. He ivas then discharged as a bankrupt, and his partners assented to the transaction. The action was by the surviving partners and the bankrupt assignee against the creditor for money had and received.
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In error from the District Court of Allegheny. Sherriff being a member of a firm, transferred a note belonging to the firm to his separate creditor. He ivas then discharged as a bankrupt, and his partners assented to the transaction. The action was by the surviving partners and the bankrupt assignee against the creditor for money had and received. Hepburn, P. J., instructed the jury, that if the solvent partners did not give their assent until after the petition in bankruptcy was filed by Sherriff, it was too late; for then the joint creditors were entitled to the partnership assets.
1Opinion of the CourtBell, J.
It is settled law, that a partner cannot pay his private debts by an application of the partnership property, without the assent of his companions. But he may do so with their consent; and a subsequent ratification of the act is equivalent to a precedent authority: Noble v. McClintock, 2 W. & S. 152; Purdy v. Powers, 6 Barr, 492. This is correctly conceded by the court below; but conceiving that the right of property of Sherriff’s assignee attached, by relation, at the time of the presentation of the petition to the bankrupt court, the jury were instructed that the assent of the solvent…
2Cases cited1 opinion
- Noble v. M'ClintockSupreme Court of Pennsylvania · 1841
3Cited by1 opinion
- Clarke v. Slate v. R. Co.Supreme Court of Pennsylvania · 1890