Cases Argued and Decided in the Supreme Court of Mississippi Volume 60
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 edition. Excerpt: ...2 Story's Eq., sects. 1246, 1247; Davene v. Fanning, 2 Johns. Ch. 254; Osgood v. Franklin, 2 Johns. Ch. 21. Under the rules applicable to trustees in general, and especially under the rules applicable to a surviving partner as expressly decided in the Beasley Case, 5 Cush. 106, where the heirs of deceased partner claim the profits of the business, they must share in the losses, and in the expenses, not in what they might or ought reasonably to have been, but in what they actually were. Whatever these expenses were, they have produced the results or profits, which they seek to share, and if they take them they must take them cum onere. A. Wright, on the same side. How must Folkes, as surviving partner, account? How must he account by the pleadings, and how must he account by the principles settled in courts of equity? Complainants did not, when Fizer died, --nor do they, nor will they now, --ask to withdraw with the value' of their share of the partnership property as it was at Fizer's death, and interest; for instead of a loss through the management of Folkes and Hilliard, there will be a certain profit to the partners, after paying all debts and expenses, including the contract with Hilliard. Hoyt v. Sprague, 13 Otto, 629. As they claim the profits, they must allow Folkes credit for all the expenses incurred in conducting the business-including Hilliard's contract--that being necessary for the preservation of the estate, and a thing that enhanced the value of the common property," and if not executed may leave a possible burden on Folkes beyond his share; in other words, by claiming the profits they assent to Folkes' contracts and manner of transacting the business, and submit to terms of perfect equality...
- Paperback | 416 pages
- 189 x 246 x 22mm | 739g
- 13 Sep 2013
- Illustrations, black and white