Cox v. Watts, Twells & Co.

Citations

• 157 Pa. 93
• 27 A. 687
• 1893 Pa. LEXIS 1404

Syllabus

<p>Limited partnership — Subscriptions—Contributions—■Execution.</p> <p>Where a person subscribes a sum of money to a limited partnership association to be applied to the payment of a mortgage, on real estate which he has contributed to the association, and he fails to pay the same, in consequence of which the mortgage is foreclosed and the real estate is bought in by the mortgagee for his mortgage, the subscriber may be compelled to pay the money by execution issued against him personally on a judgment against the association.</p> <p>A person contributed real estate to a limited partnership association. He also subscribed his further interest in certain real estate, “ as the same is to be acquired by the payment of $8,000 on account of a certain mortgage on the real estate by the payment of which the net value of the said property will be proportionately increased.” The subscriber paid a portion only of the $8,000. The mortgage was foreclosed and the mortgagee bought the real estate in for his mortgage. Held, that execution could issue against the subscriber personally for the unpaid balance of the $8,000.</p> <p>Limited partnerships — Cash subscriptions — Act of May 1, 1876.</p> <p>In the above case the subscription should be treated as an unpaid balance of a cash subscription to the capital of the company under the act of May 1, 1876, P. L. 89.</p>