Gunnison v. Erie Dime Savings & Loan Co.

Citations

• 157 Pa. 303
• 33 W.N.C. 303
• 27 A. 747
• 1893 Pa. LEXIS 1420

Syllabus

<p>[Marked to be reported.]</p> <p>Partnership — Real estate — Deed—Record.</p> <p>Where it is the intention of partners to bring real estate into the partnership stock, that intention must be manifested by deed or writing placed on record, that purchasers and creditors may not be deceived.</p> <p>A partnership consisting of two persons was engaged in the business of dealing in real estate. To facilitate the purposes of the business, partnership land was conveyed to one of them by consent of both partners. The deed was placed on record, unaccompanied by any agreement disclosing the interest of the other partner. Money was borrowed by the grantee in the deed on his personal judgment, which was entered of record against the land as he then held it. Held, that no averment of any right by parol, or by a secret agreement in writing, could be permitted to stamp the property with a quality other than that expressed in the deed, and thus destroy the lien of the judgment creditor.</p> <p>In such a case the proceeds of the sale of the land are to be applied to the payment of the lien of the judgment creditor in preference to the assignee of the firm for the benefit of creditors.</p> <p>Hale v. Henrie, 2 Watts, 143, applied; Erwin’s Ap., 39 Pa. 535, and Lacy v. Hall, 37 Pa. 360, distinguished.</p>