Alexander v. Kimbro

Citations

• 49 Miss. 529

Syllabus

<p>1. Ch-vncsby — Pabtnekship—'Tenants is Coanioy — Sale fob Distbibuxton.— Where K., in his liie-time, sold to K. & K. an undivided two-thirds interest in certain lots oi' land in the town of Lexington, and on (he same day entered into partnership with the said parties to conduct a livery stable in said town, and to run a steim saw-mill. Held-. That this did not constitute said lots partnership property, unless there was some agreement that tho lots should go into tho partnership, as partnership property or stocl;, or unless the same was purchased with partnership funds. A mero agreement to use it for partnership purposes, or as partnership property, is not sufficient to convert it into partnership stoclr, in the absence of any evidence of sueh intention. The more fact that property held by the firm as tenants m common, is used in and for the partnership business, or a more agreement to use it for partnership pulposos, is not of itself sufficient to convert it into partnership stocli. There must be some evidence of further agreement to make it partnership property.</p> <p>2. Sime — Case in Judgment — There was a partnership in the businoss of the stable and mill, but unless the intent of the tenants in common to throw their real estate into the fund as partnership stoplj is distinctly manifested, or unless the real property is bought, with the social funds for partnership purposes, it must still retain its character of roalty. The firm could acquire no interest in the property itself, unless it is by express agreement, in writing, or unless by purchasing with partnership funds, an impüod trust is raised in its favor. To raise a trust by such purchase, it must have been made at the lime, with partnership funds, or on partnership responsibility.</p>