Gaines & Stegall v. Coney & Rice

Citations

• 51 Miss. 323

Syllabus

<p>1. Chancery Practice : Account taken ly master. Notice to interested parties.</p> <p>Where the master is directed to make inquiry into a subject matter, and report as he may find the facts to be, the parties interested in the in. quiry should have notice. But where the evidence already taken has established the facts, and the duty of the master is merely to make calculations, and state the result in figures, the reason and necessity of the notice does not exist.</p> <p>2. Same : Partnership assets.</p> <p>An individual partner has no other interest or share in partnership property except the surplus, after payment of the partnership debts and liabilities. Each member of a firm has a right to have the firm assets applied to the joint debts before an individual partner, or his personal representatives, assigns or creditors can have a separate claim thereto.</p> <p>3. Same: Rights of partners.</p> <p>In winding up a partnership, to determine the rights of each partner, and what one should pay the other, it is necessary that an account should be taken of the liabilities, and the funds should be first applied to their satisfaction, and what remains constitutes the fund to be apportioned between the several partners.</p>