Connecticut Reports; Proceedings in the Supreme Court of the State of Connecticut Volume 7

Connecticut Reports; Proceedings in the Supreme Court of the State of Connecticut Volume 7

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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. 1853 edition. Excerpt: ...In respect of the creditors of the partnership, they are divisible into two classes; those who were such before the testae tor's death, and those who became such afterwards. With respect to the first class of creditors, they have the power and means of calling forth after the testator's death, the whole of his property, in discharge of their demand; and this is all the security they can wish. And in regard to those comprising the second class, who become creditors subsequent to the testator's death, in the first place, they may determine whether they will be creditors. In the next place, they have the whole fund embarked in trade to look to. Superadded to this, they have the personal responsibility of the individual with whom they deal, the only security in ordinary transactions of debtor and creditor. It is, therefore, manifestly less inconvenient, to say, that those who deal with the executor, must take notice, that the testator's responsibility is limited by the authority given to the executor, than to assert, as the executor is authorized to carry on the trade, that all the other objects of the will must, at any 'distance of time, stand still, or that eventually they may be subjected to the claims of the partnership creditors., On these principles, it was concluded by Lord Eldon, that it would be unjust to consider the creditors of the company as having alien on the testator's general assets; and as a precedent extremely inconvenient to the interests of mankind. As the creditors of the partnership have no claim on the general assets of the deceased, with much less force of argument can a. claim be maintained in favour of the plaintiff. On the death of the testator, the partnership was by law...show more

Product details

  • Paperback | 250 pages
  • 189 x 246 x 13mm | 454g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236932099
  • 9781236932099