First N. Bank v. Payne & Co.'s Assignees

Citations

• 85 Va. 890
• 3 L.R.A. 284
• 9 S.E. 153
• 1889 Va. LEXIS 99

Syllabus

<p>1. Partnership—Death of partner—Powers of survivor.—Firm is dissolved by death of partner. Survivor entitled to take possession of the assets, and settle up, but not to make a contract for the firm, except such as is necessary to settle the affairs.</p> <p>2. Idem—Banks and banking—Case at bar.—Before checks drawn on defendant firm and for collection sent it by plaintiff bank, were received, former was dissolved by death of partner. Surviving partner charged the checks to drawers, and credited the amount to plaintiff bank on the firm-books;</p> <p>Held:</p> <p>Survivor had no power to do so. He should either have returned the checks or remitted the proceeds.</p> <p>3. Idem—Assignment—Insolvency.—Where the money represented by the checks was afterwards assigned by survivor to assignees for benefit of creditors, but was easily traceable on the books, no checks having been drawn upon the credit of the plaintiff bank ;</p> <p>Held :</p> <p>The plaintiff bank is entitled to reclaim the money from the assignees.</p>