A Treatise On the Construction of the Statute of Frauds, (29 Car. Ii. Cap. 3.) As in Force in England And the United States, With An Appendix, Containing the Existing English And American Statutes

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Hale, 3 Ves. Jr. 696 ; S. C. 5 lb. 309 ; Fereday v. Wightwick, 1 Russ.
& Myl. 49.
8 Dale V. Hamilton, 5 Hare, Ch. 369.
CH. XII.] CONTRACTS FOR LAND. 267 partnership, and in the proceeds from the sales, and, in the speculations and profits, that court refused to decree a specific execution of the agreement, in the absence of a sufficient memorandum or equitable circumstances avoiding the effect of the statute. They say : " It is true that in a court of •equity real estate owned by a partnership
...may be treated as a part of partnership funds and, as a consequence, as personal estate. But this rule grows out of the peculiar nature of the partnership relation, and is adopted for the purpose of doing justice between partners, or between them and others having dealings with them, and for the purpose of properly adjusting the relations between them and others having dealings with, or relations to, the partnership. It is not an arbitrary rule hy which a court of equity transmutes real estate into personal property when it is once owned and possessed hy a partnership^ and independetit of the existence of the partnership, and as to persons having no relations to that partnership." They add that here the purchase was, " of an interest in the profits to be realized by the defendant from the sale of these lands by the partnership, and that he was not and could not have been a partner, or had any relation to the partnership himself." The defendant " was individually responsible to him, and not as one of the partnership.

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