Lovejoy v. Bowers
Superior Court of New Hampshire
Assumpsit, for money had and received. On the trial, it appeared in evidence that on the 8th of April, 1S37, Frederick Lovejoy and John Holt were in partnership, and were possessed of 46 horses, four stage coaches, one carryall, one stage waggon, two stage sleighs, and the harnesses belonging to the same, and used with them; and on that day said Frederick Lovejoy conveyed to the plaintiff, Abiel Lovejoy, by a mortgage deed, “ one undivided half, being all his right, title,…
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Assumpsit, for money had and received. On the trial, it appeared in evidence that on the 8th of April, 1S37, Frederick Lovejoy and John Holt were in partnership, and were possessed of 46 horses, four stage coaches, one carryall, one stage waggon, two stage sleighs, and the harnesses belonging to the same, and used with them; and on that day said Frederick Lovejoy conveyed to the plaintiff, Abiel Lovejoy, by a mortgage deed, “ one undivided half, being all his right, title, interest, and share,” in and to the property aforesaid, to secure the payment of a note, of the same date, executed by…
1Opinion of the CourtParker, C. J.
We are of opinion that one partner cannot sell, or mortgage, an undivided interest in a specific part of the property belonging to the partnership. The property constitutes a fund, or capital, to carry on the business of the partnership,and to pay partnership creditors ; and the separate interest of each partner is an interest in the surplus. 8 N.H.Rep. 338, Morrison vs. Blodgett.
If it had appeared that the mortgage, in this case, comprised all the partnership property, it might perhaps be considered as a mortgage of the share of Frederick Lovejoy in the surplus. But in that view, it cannot…
2Cited by1 opinion
- French v. LovejoySuperior Court of New Hampshire · 1841