Commercial Bank & Trust Co. v. Joiner

Citations

• 114 Miss. 749
• 75 So. 599

Syllabus

<p>1. Ustjby. Joint Venture. Sharing profits.</p> <p>A contract by which a party is to advance twenty-five hundred dollars to another to purchase the assets- of a defunct bank, and in consideration thereof, is to receive a one-third interest in such assets and profits on his investment to the amount of twenty-five hundred dollars and with the further agreement that the entire interest of the borrower shall be subject first to the deduction of the twenty-five hundred dollars as profits together with the twenty-five hundred dollars borrowed, such contract imposes no personal liability on the borrower and is not usurious.</p> <p>2. Liens. Enforcement in equity. Pleadings.</p> <p>A cause of action to have plaintiff’s claim declared to be a first lien on the property, was stated by a bill which alleged that a borrower from plaintiff transferred to defendants his remaining equity in the assets of a bankrupt bank after he had transferred one-third of his equity to plaintiff.</p>