Faler v. Jordan

Citations

• 44 Miss. 283

Syllabus

<p>1. Partnership — ]?ower oe partners to bind THE eirh_M. and 3?. were partners under the firm name of E. & M., doing business as genoral merchants. M., as one of the firm, but without the knowledge of his partner, 3?., borrowed $1,000, and signed tho firm name to tho promissory note given for the money as suretios, and also that of D., M., and D., as principals and joint makers, having their authority to do so. 3?. testified that M., his partnor, had no authority from him to borrow money on the firm name, nor did he know what M. did with the money borrowed. Reid .- That tho promissory note was valid and binding on the firm of 3?. & M.</p> <p>2. Same. — A member of such a firm as this of 3?. & M. may levy and sell, transfer and assign, either in pledge or by mortgage, tho partnership effects in the name o*' the firm, or bind tho firm by borro wing money and if tho individual partner wastes it it does not matter. And if a partnership ongages in transactions outside of its, usual business, the acts and declarations of one partner in relation to it are of tho, same force as acts in its ordinary business.</p> <p>3. Same. — Each partner, by virtue of that relation, is the genoral agent of tho others as to all matters within tho scope of the partnership dealings, and has all the authority necessary for carrying on the partnership, and has all the powers usually exercised by partners in the business in which they are engaged.</p> <p>i. Same. — A partnor ha? power to transact the whole business of the firm, and to bind bis partners in sucb transactions as entirely as himself. The creation of a partnership for a particular purpose is understood to be a grant of power to tho acting members to transact its business in the usual way; and tho partner, when conducting the affairs of the partnership, does not act for himself because of his own interest, and then for the rest by their authority, but acts for and represents the commercial personalty.</p> <p>5. Same. — The power of