Anglo-California Bank v. Levin

Citations

• 139 Cal. 350

Syllabus

<p>Insolvent Law—Partnership—Claims oe Creditor—Mortgage on Homestead oe One Partner—Bight to Dividends.—A creditor of an insolvent partnership has a right to dividends out of the partnership assets upon the full amount of the proven claim against the partnership, without any deduction on account of a mortgage held by such creditor on a homestead of one of the copartners, which such creditor may exhaust by foreclosure, after receiving full dividends from the assets of the firm, where it is conceded that the creditor’s demand will not thereby be paid in full. [McFarland, J., Angellotti, J., and Van Dyke, J., dissenting.]</p> <p>Id.—Lien upon Exempt Property.—A lien upon exempt property which did not pass to the assignee is in the position of a lien upon the property of third persons, which the holder could not be required to surrender to the assignee before receiving dividends from the partnership as a creditor thereof. [McFarland, J., Angellotti, J., and Van Dyke, J., dissenting.]</p>