Reports of Cases Argued and Determined in the Supreme Court of the State of Montana from December Term 1868, to Volume 31

Reports of Cases Argued and Determined in the Supreme Court of the State of Montana from December Term 1868, to Volume 31

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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. 1905 edition. Excerpt: ...affairs. A partner has no transferable interest in the property of a partnership to which, after its ultimate adjustment, he is indebted." Roach and Suiter are alleged to have transferred all their in terest in the copartnership funds and assets to plaintiff, and it is doubtless claimed that this includes their interest in the funds misappropriated. They had no interest in such funds, under the allegations of the complaint, because they are alleged to have fraudulently withdrawn and converted the entire fund. They had received it all. The liability rested on them in favor of plaintiff to account to him for his share of the fund misappropriated, if such misappropriation was of more than their share in the partnership assets, for if, upon such accounting, it should be ascertained that they were entitled to this amount or more of the partnership assets, they would be accountable to no one because of the withdrawal. The liability to account was in the nature of a right of action, but such right of action was not one in their favor, but against them. _It matters not, as to their liability, liow they obtained this $8,200. The taking in any manner, if they were not entitled to it, created a liabilitiy. If they were entitled to it, the manner of the taking is entirely immaterial. There are only two ways under the law of partnership in which it can be determined that any liability existed on the part of Roach and Suiter, or either of them, to the plaintiff. One is by copartnership accounting in equity, and the other by a settlement of all partnership affairs by agreement of the partners. In the first case the amount of the liability must be found by and announced in the decree of accounting. In the other the amount must be fixed and stated...show more

Product details

  • Paperback | 276 pages
  • 189 x 246 x 15mm | 499g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236757297
  • 9781236757296