Bank of Commerce v. Ada County Abstract Co.
Idaho Supreme Court
APPEAL from the District Court of Ada County. Honorable George H. Stewart, Judge. Action to recover on a promissory note. Judgment for the plaintiffs. The facts are stated in the opinion. In order to render an incoming partner liable to the creditors of the old firm, there must be some agreement, express or tacit, to that effect, entered into between him and the creditors and founded on some sufficient consideration.
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APPEAL from the District Court of Ada County. Honorable George H. Stewart, Judge. Action to recover on a promissory note. Judgment for the plaintiffs. The facts are stated in the opinion. In order to render an incoming partner liable to the creditors of the old firm, there must be some agreement, express or tacit, to that effect, entered into between him and the creditors and founded on some sufficient consideration. In order to hold an incoming partner for antecedent liabilities of the firm of which he becomes a member, it must affirmatively appear that he in some way assumed such…
1Opinion of the CourtSullivan, J.
— This is an action on a promissory note dated March 14, 1903, for $250, signed as follows: “Ada *759County Abstract Co., by Vm. R. Prinn, Mgr., ¥m. R. Prinn.” At the time of the execution of said note the Ada County Abstract Company was a partnership engaged in the business of making abstracts of title and writing insurance, and the members of such partnership were William R. Prinn, C. O. Ellsworth and J. H. Wiekersham. Subsequent to the execution of the said note and prior to the commencement of this action, each of the said copartners sold and disposed of their entire interests in the…
2Cases cited3 opinions
- Fuller v. . RoweNew York Court of Appeals · 1874
- Caldwell v. ParksCalifornia Supreme Court · 1874
- First National Bank v. SimmonsCalifornia Supreme Court · 1893
3Cited by1 opinion
- Havlick v. DavidsonIdaho Supreme Court · 1909