Liberty Savings Bank v. Campbell
Supreme Court of Virginia
In August, 1878, Thomas Campbell filed his bill in the clerk’s office of the circuit court of Bedford county against B. C. Jones, Stephen B. Holland, William Graves, and the Bedford Savings Bank at Liberty, in which he alleged that about the year 1873 a partnership was formed between himself and said Jones, under the firm name of Jones & Campbell, for the purpose of sawing and selling lumber, and to that end they purchased of Mrs. Saunders and Mrs. Chalmers a tract of about…
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In August, 1878, Thomas Campbell filed his bill in the clerk’s office of the circuit court of Bedford county against B. C. Jones, Stephen B. Holland, William Graves, and the Bedford Savings Bank at Liberty, in which he alleged that about the year 1873 a partnership was formed between himself and said Jones, under the firm name of Jones & Campbell, for the purpose of sawing and selling lumber, and to that end they purchased of Mrs. Saunders and Mrs. Chalmers a tract of about 500 acres of timbered land, of which about 250 acres were subsequently sold by the firm to said Holland at the gross…
1Opinion of the CourtBurks, J.
In the opinion of this court, delivered by Judge Staples in Binns v. Waddill, 32 Gratt. 588, 594, it was said “ that the rule seems to be settled that the authority of each partner to dispose of partnership property extends only to the business and transactions of the partnership. And any disposition of the property beyond such purposes, without the consent of the co-partner, is an excess of authority. And further, one partner cannot pledge or sell the partnership property in payment of his individual debts, without the consent of his co-partner; and the title is not divested by such pledge…
2Cases cited4 opinions
- N. Rogers & Sons v. BatchelorSupreme Court of the United States · 1838
- Cole's committee v. Cole's adm'rSupreme Court of Virginia · 1877
- Peters v. Neville's trusteeSupreme Court of Virginia · 1875
- Binns v. WaddillSupreme Court of Virginia · 1879
3Cited by8 opinions
- Shipman v. FletcherSupreme Court of Virginia · 1895
- In Re DeckerDistrict Court, W.D. Virginia · 1969
- Evans v. ShroyerWest Virginia Supreme Court · 1883
- Evans v. SpurginSupreme Court of Virginia · 1854
- First Tennessee Production Credit Ass'n v. DavisTennessee Supreme Court · 1988
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