Haslet v. Kent

Citations

• 160 Pa. 85
• 28 A. 501
• 1894 Pa. LEXIS 769

Syllabus

<p>Limited partnership — Schedule of assets — Acts June 2,1874, May 1,1876.</p> <p>Under the acts of June 2, 1874, P. L. 271, and May 1, 1876, P. L. 89, the property contributed to a limited partnership association is intended as the equivalent of cash, and the plain object of the provision requiring a schedule is to enable creditors to ascertain precisely of what the property consisted, and to judge its value. Where property has not been contributed, scheduled and valued as the act of May 1, 1876, directs, there is no payment of the capital.</p> <p>Property described as having been purchased by the partners from another limited company subject to the payment of the company’s debts and liabilities, is not such a contribution of property as the act contemplates.</p> <p>An item in a schedule of “bills receivable $2,206.17,” is insufficient where no other information is given by which a creditor could ascertain whether the notes were worth anything or not.</p>