A Treatise on the Law of Partnership Volume 2

A Treatise on the Law of Partnership Volume 2

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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. 1888 edition. Excerpt: ...liable on the indorsement of the solvent part temp. Brougham, 162, and infra, p. 673. (I) 6 Bing. 734; Dickson v. Cass, l B. & Ad. 343, was a very similar case, except that the creditor had not notice of the act of bankruptcy, and he was accordingly protected by statute. the statutory enactments relating to bond fide dealings and payments, and which have been already adverted to. Payments made to bankrupt partner.--Under the Old law, if a debtor to a trader who had committed an act of bankruptcy paid the debt to him, his assignees could compel the debtor to pay them again (j); and this is still the case if the debtor makes the payment after a receiving order has been made, or aft-er he has notice that an available act of bankruptcy has been committed (lc).1 Nevertheless a trader, who has committed an act of bankruptcy, can compel his debtors to pay him, so long as no receiving order has been made against him (Z). This state of the law is most distressing; for if a debtor knows that an act of bankruptcy has been committed by his creditor within three months, 669 and is pressed for payment, if he pays, he runs the risk of being compelled by the trustee to pay again; and if he refuses, he renders himself liable to pay the costs of an action brought against him by his creditor. A debtor to a firm, one of the members of which is known to have committed an act of bankruptcy, should therefore pay the solvent partners (b) Transactions with solvent partners. Effect of bankruptcy of one partner on the solvent partners.---The bankruptcy of any one partner, his co-partners remaining solvent, afiects them in no other way than this, viz., that the trustee in bankruptcy becomes tenant in common with them of the partnership property, and is entitled...show more

Product details

  • Paperback | 188 pages
  • 189 x 246 x 10mm | 345g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236978676
  • 9781236978677