Bartlett v. Meyer-Schmidt Grocer Co.
Supreme Court of Arkansas
Appeal from Independence Circuit Court in Chancery. Richard H. Powell, Judge. An insolvent firm may, by assignment, prefer an individual debt of a member thereof to the debts of the firm. 42 Ark. 423; 52 Ark. 556; 54 Ark. 449; 60 Ark. 18; 99 U. S. 119; 64 Miss. 141; 52 111. 471; 116 N. C. 499. There was no duress in the signing of the note. 18 Ai'k. 214; 49 Ark. 70. Partnership creditors have an equity, superior to that of creditors of individual partners, to have the firm…
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Appeal from Independence Circuit Court in Chancery. Richard H. Powell, Judge. An insolvent firm may, by assignment, prefer an individual debt of a member thereof to the debts of the firm. 42 Ark. 423; 52 Ark. 556; 54 Ark. 449; 60 Ark. 18; 99 U. S. 119; 64 Miss. 141; 52 111. 471; 116 N. C. 499. There was no duress in the signing of the note. 18 Ai'k. 214; 49 Ark. 70. Partnership creditors have an equity, superior to that of creditors of individual partners, to have the firm assets applied to the payment of their debts; and although, during the continuation of the partnership, the firm might…
1Opinion of the CourtWood, J.
Appellees, who were creditors of the firm of Bartlett & Durham, brought this suit to set aside the provisions of a general assignment made by said firm for the benefit of creditors, with preferences. The court found ‘‘that the preferred debt of Mary A. Bartlett was an individual debt of E. C. Bartlett, one of the partners, and that the property assigned was partnership property.” This finding is correct. The legal question therefore is, can an insolvent firm, in a general assignment for the benefit of creditors, provide for the payment, out of the firm assets, of creditors of the individual…
2Cases cited15 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Case v. BeauregardSupreme Court of the United States · 1879
- Wilson v. . RobertsonNew York Court of Appeals · 1860
- Kirby v. SchoonmakerNew York Court of Chancery · 1848
- Bulger v. . RosaNew York Court of Appeals · 1890
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3Cited by2 opinions
- Boyd v. ArnoldSupreme Court of Arkansas · 1912
- Freedman v. HolbergMissouri Court of Appeals · 1901