Webb v. Fordyce
Supreme Court of Iowa
Appeal from Taylor District Court. In October, 1874, the plaintiff and defendant entered into partnership for the purpose of dealing in live-stock. There was no written contract of partnership. No capital stock was pnt into the firm at the commencement of the business. The members of the firm were to share equally in the profits and losses of the partnership. Quite a large amount of business was transacted by the firm up to January, 1877, when the partnership was dissolved.
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Appeal from Taylor District Court. In October, 1874, the plaintiff and defendant entered into partnership for the purpose of dealing in live-stock. There was no written contract of partnership. No capital stock was pnt into the firm at the commencement of the business. The members of the firm were to share equally in the profits and losses of the partnership. Quite a large amount of business was transacted by the firm up to January, 1877, when the partnership was dissolved. The' partners being unable to make a settlement as between themselves, this action was brought to effect that end. Each…
1Opinion of the CourtRothrook, J.
— It appears from the report of the referee that the money used, in the business of the partnership was kept on deposit in certain banks, and that “each member of the firm had a right to draw on the partnership funds, the check when paid being the account against the partner in whose favor it was di'awn.” It further appears that the parties kept no correct account of their transactions, the books and method of transacting the business being very imperfect. The report proceeds as follows:
“ I have stated an account between each partner and the firm as best I have been able, the items on each…
2Cases cited1 opinion
- Davenport v. SchuttSupreme Court of Iowa · 1877
3Cited by3 opinions
- Wootton Land & Fuel Co. v. OwnbeyCourt of Appeals for the Eighth Circuit · 1920
- Garrett v. Morris & Co.Supreme Court of Georgia · 1898
- Escallier v. BainesWashington Supreme Court · 1905