Ohio State Reports Volume 30

Ohio State Reports Volume 30

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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. 1878 edition. Excerpt: ...and cause remanded to the court of common pleas for further proceedings. LAURA RAWSON v. Nnwron W. TAYLOR AND Jscon FINGER. l. A retiring partner remains liable for all the existing debts of the firm, to the same extent as if he had not retired. An agreement between him and the remaining partners, or with the new firm that succeeds, that they will assume and pay all such debts, while valid as between the partners, has no etfect upon the creditors of the old firm, unless they become parties thereto. 2. R. held the promissory note of the firm of T. G. tit Co. After itwas given, some members of the firm retired, leaving assets sufiicient to pay all debts, and taking the obligation of the succeeding new firm, to pay all debts and save the retiring partners harmless--held: That unless R., by some valid contract, express or implied, had made himself a party to this new ar1-angement, or had so acted as to be estopped, his rights on the note against all the members of the old firm remained unchanged; that while, as between the partners themselves, the relation of principal and surety existed, yet, as to the payee of the note, all were principals and joint debtors, although notice of such obligation was brought home to. him. 3. Where the payee of such note has received from the new firm a chattel mortgage of the partnership property suflicient, if applied, to satisfy the debt, he may, with the assent of the retiring partners, release the mortgage, and return the property or its avails to the new firm, without impairing his rights against all the joint obligors on the note, even though he had such notice of the subsequent contract between the partners. ERROR, reserved from the District Court of Cuyahoga. county. The present plaintiff was plaintiff...
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Product details

  • Paperback | 262 pages
  • 189 x 246 x 14mm | 472g
  • United States
  • English
  • black & white illustrations
  • 1236797981
  • 9781236797988