Herron v. Wampler

Citations

• 194 Pa. 277
• 45 A. 81
• 1899 Pa. LEXIS 770

Syllabus

<p>Partnership— Termination of partnership — Debts contracted by surviving partner.</p> <p>Where a partnership has been dissolved by the death of one of the partners, and the surviving partner has continued the business with great advantage to the firm’s estate, the executors of the deceased partner cannot object to a claim by a bank upon a fund arising out of real estate purchased with the money borrowed from the bank, and largely obtained for and used to protect and preserve the firm’s estate during a period of great financial depression, and out of moneys loaned the firm, not upon the firm’s own paper, but largely upon the paper of other parties taken in payment of the sales of the commodity owned and trafficked in by the firm.</p> <p>Partnership — Distribution of partnership estate — Mortgages.</p> <p>In distributing a fund raised by the sale of partnership real estate, some or all of which had been acquired by the surviving partner in continuing the business, the auditor commits no error in refusing to award any part of the fund to the mortgagees of the real estate, where it appears that the mortgagees made no claims upon the fund, and that the mortgages remained unaffected by anything done by the surviving partner and the representatives of the deceased partner’s estate.</p>