Strauss v. . Frederick
Supreme Court of North Carolina
Civil Action for foreclosure of mortgage tried at Spring-Term, 1884, of Duplin Superior Court, before Shepherd, J. On November 2d, 1872, the plaintiff, at the request and for the accommodation of the firm of Frederick & Son, constituted of the defendant Norris Frederick and William C. Frederick, his son, executed his promissory note in the sum of five thousand dollars to said firm payable at thirty days, and the same having upon their endorsement been discounted at the bank,…
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Civil Action for foreclosure of mortgage tried at Spring-Term, 1884, of Duplin Superior Court, before Shepherd, J. On November 2d, 1872, the plaintiff, at the request and for the accommodation of the firm of Frederick & Son, constituted of the defendant Norris Frederick and William C. Frederick, his son, executed his promissory note in the sum of five thousand dollars to said firm payable at thirty days, and the same having upon their endorsement been discounted at the bank, the proceeds were received and used in their business. On November 12 thereafter, the said William C. executed to the…
1Opinion of the Court
Smith, C. J.,
after stating the case. It is settled upon a series-of adjudications in this court that the creditors of a copartnership, as such, have no lien upon the property and effects of the partnership,’ nor an equity to ¡have them applied to the partnership debts in derogation of the right of the individual partner, with the consent of his associates, to dispose of them as he pleases. The equity to have this preferential appropriation resides in each member, as a means of personal exoneration, in accomplishing which the creditors only have relief. The subject is considered and the…
2Cases cited1 opinion
- Allen & Co. v. GrissomSupreme Court of North Carolina · 1884
3Cited by8 opinions
- Hodgin v. Peoples' National BankSupreme Court of North Carolina · 1899
- Kalamazoo Trust Co. v. MerrillMichigan Supreme Court · 1910
- Gorham v. . GoodwinSupreme Court of North Carolina · 1917
- In Re Bank of SampsonSupreme Court of North Carolina · 1933
- Beste v. BurgerNew York Court of Common Pleas · 1885
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