Colehour v. Coolbaugh

Citations

• 81 Ill. 29

Syllabus

<p>1. Partnership account—statement in decree as to payment of debts. On hill to settle a partnership in a land speculation, and state the account, where the parties have had a previous settlement, the court will adopt such settlement as the basis upon which to adjust the subsequent dealings; and where there is no dispute but that the parties are owing $16,000, $4000 of which all were to pay in equal proportions, and one to pay $5000 of the remaining $12,000, and the other two $7000, it will not be material that the decree finds the latter sum to be owing to a certain firm, the main thing being the proportion each is to pay.</p> <p>2. Same—division of notes. Where the court, in adjusting a partnership dealing in which there are outstanding debts binding upon all the parties, but of which one is required to pay $5000 and the other two $7000, and the remaining $4000 by all in equal portions, and the court requires security to be given, the first to the other two for the payment of his part, and the other two security to the first for the payment of their separate parts, it was held, there was no error in requiring the division and surrender of the notes held by one of the parties belonging to all, before payment of the debts.</p>