Harris v. Rosenberg

Citations

• 161 Pa. 367
• 29 A. 44
• 1894 Pa. LEXIS 699

Syllabus

<p>Partn ership— Sheriff's sale — Equity.</p> <p>Three partners bought land, agreeing to hold it as tenants in common. They gave a mortgage for part of the purchase money. One of the partners became insolvent and his interest in the firm was sold at sheriff’s sale, and bought by his wife. The object of the partnership was to make railroad ties from the timber on the land held in common. The purchaser at the sheriff’s sale and the other two partners continued this business. Subsequently the interest of the insolvent partner in the land was sold at sheriff’s sale, and bought in by one of the original partners. The two original partners then used the firm’s money to pay off the mortgage on the land, and subsequently sold the land and divided the proceeds. Held, that the application of the firm’s money for the payment of the mortgage was improper, and that the purchaser of the insolvent’s interest in the firm was entitled to share in the proceeds of the sale of the land.</p>