Horne v. Ingraham

Citations

• 125 Ill. 198
• 16 N.E. 868

Syllabus

<p>1. Action of account—as between partners. The action of account provided for by our statute may be maintained by one partner against another partner or partners, to settle and adjust partnership accounts, and may be so maintained immediately upon the dissolution of the partnership, and without any previous adjustment of the accounts.</p> <p>2. Limitation—equity following the law. Where there is a legal and also an equitable remedy in respect to the same subject matter, the latter is under the same statutory bar as the former.</p> <p>3. Same—bill for an accounting, as between partners. So a bill in equity for an accounting of partnership affairs, filed by a member of the partnership, after an action of account might have been maintained by the same person for the same accounting, which has been barred by limitation, will be barred by the same limitation.</p> <p>4. Same—when the statute begins to run—in respect to an accounting between partners. The Statute of Limitations can only be pleaded against an accounting sought by one partner against another after the partnership has been dissolved. It does not begin to run during the continuance of the partnership. Although a partial settlement is had, but the partnership is continued as to property not disposed of, the statute does not begin to run during the continuance of such relation.</p> <p>5. Same—of the period of limitation—on bill for an accounting. Under the law in force in 1868, a bill for a partnership account, based upon a written agreement for a partnership, would not be barred until sixteen years after the right of action accrued.</p> <p>6. Same—in respect to trusts. In case of an express trust, the Statute of Limitations does not apply until the trust is disavowed by the trustee, and an adverse right or interest is insisted upon, and made known to the cestui gue trust. A suit to enforce the trust will, during its pendency, stop the running of the statute, and a withdrawal of the disavowal and an acknowledg