Fox v. Curtis

Citations

• 176 Pa. 52
• 34 A. 952
• 1896 Pa. LEXIS 1040

Syllabus

<p>Partnership — Assignment for creditors — Preferences.</p> <p>Where an insolvent partnership assigns its property to a third party for the benefit of two of its creditors only, the preference in the deed of assignment will be void, and the assignment will be considered a general one for the benefit of all creditors.</p> <p>Assignment for creditors — Right of one partner to make assignment.</p> <p>One partner cannot make a general assignment in trust for the benefit of creditors against the consent or without the concurrence of his copartner if the latter is present and capable of acting in the matter.</p> <p>Partnership — Assignment for creditors by some of the partners.</p> <p>Generally in commercial partnerships the implied agency of a partner is limited to matters within the range of the ordinary business of the partnership. Where by implication the agency has been extended so as to include the power to make an assignment of the partnership property to a trustee for the payment of debts, the facts have been so exceptional as to take the cases out of the general rule. Per Pell, J.</p> <p>Receivers — Appointment of — Discretion of court.</p> <p>The appointment of a receiver is in the discretion of the court, not to be exercised arbitrarily or doubtingly, but only when it is clear that it is needful and is the appropriate means of securing a proper end.</p> <p>One of two partners when the partnership was insolvent confessed judgment to two of the firm creditors, and after execution had been issued under the judgment assigned all of the firm’s property not levied upon to a third party in trust for the two creditors to whom the judgments had been confessed. Subsequently the other partner assigned the same property to another person in trust for creditors. The second partner subsequently filed a bill in equity to restrain the assignee of the first partner from exercising any power under the assignment to him, and praying for the appointment of a receiver. Held, that