The Most Important Parts of Kents Commentaries Reduced to Questions And Answer
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) In Winslow v. Chifelle, (State Reports in Equity, S. Car. , ) it was held that lands held and used by partners, in the business of a mill, was co-partnership property, and subject to be applied, like other partner- ship property, to the payment of partnership debts, in preference to the claims of separate creditors. The general principle now declared of the English law is, that real estate acquired for the purpose of a trading con- cern, is to be considered as partnership property, and to be ...first applied in satisfaction of the demands of the partnership. (1 Russel $ Mylne, 45. ) It is taken to be personal estate, and retains that character as between the real and personal representatives of a deceased partner. (1 Mylne & Keene, 649. ) In Ohio a similar rule has been declared, and that such property was not subject to the dower of the widow of a deceased part- ner, as against partnership debts. (1 Hammond's Ohio Rep. , 535. ) The better opinion appears to be, that although the legal estate in freehold property purchased by the partners, for the purpose of their trade, will go in the course of ordinary descent without survivorship, yet the equitable interest in such property, will be held to be part of the partnership stock, and distributable as personal estate.
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You can find similar books in the "Read Also" column, or choose other free books by Asa Kinne to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
) In Winslow v. Chifelle, (State Reports in Equity, S. Car. , ) it was held that lands held and used by partners, in the business of a mill, was co-partnership property, and subject to be applied, like other partner- ship property, to the payment of partnership debts, in preference to the claims of separate creditors. The general principle now declared of the English law is, that real estate acquired for the purpose of a trading con- cern, is to be considered as partnership property, and to be ...first applied in satisfaction of the demands of the partnership. (1 Russel $ Mylne, 45. ) It is taken to be personal estate, and retains that character as between the real and personal representatives of a deceased partner. (1 Mylne & Keene, 649. ) In Ohio a similar rule has been declared, and that such property was not subject to the dower of the widow of a deceased part- ner, as against partnership debts. (1 Hammond's Ohio Rep. , 535. ) The better opinion appears to be, that although the legal estate in freehold property purchased by the partners, for the purpose of their trade, will go in the course of ordinary descent without survivorship, yet the equitable interest in such property, will be held to be part of the partnership stock, and distributable as personal estate.
What to read after The Most Important Parts of Kents Commentaries Reduced to Questions And Answer?
You can find similar books in the "Read Also" column, or choose other free books by Asa Kinne to read onlineMoreLess
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