Irby v. Graham

Citations

• 46 Miss. 425

Syllabus

<p>1. PARTNERSHIP — RELATIVE RIGHTS OE PARTNERSHIP AND INDIVIDUAL CREDITORS TO ASSETS OB DECEASED INSOLVENT PARTNER— STATUTE CONSTRUED. —The Code of 1857 (arts. 10 and 13, p. 357) does not break down the distinction before existing between the joint and several estates of partners, nor introduce a new rule of marshaling the assets of the joint and separate estates. Its object and effect are to make the liabilities of a partnership joint and several, and thereby to enable the creditor to sue at law the legal representatives of a deceased partner, as well as the survivor.</p> <p>3. Same — same — suits by partnership creditors. — The creditor may elect between the survivor and the administrator of a deceased partner, or he may pursue both, but ultimately, in the final adjustment and balancing of accounts and rights (if both estates are insolvent), the partnership creditorsare remitted to the joint funds, to the exclusion of individual creditors, and separate creditors are confined to the separate estate.</p> <p>3. Same — same — insolvent laws. — The statute in reference to the distribution of the assets of a decedent among creditors (Code of 1857, art. 103, p. 450) does not affect the right of partnership creditors to partnership assets, nor of separate creditors to individual assets. If the partnership is solvent, the creditors of a deceased partner have a right to the surplus of the decedent in the joint assets, after the partnership liabilities have been discharged. If the estate of the deceased partner is solvent, the partnership creditors may appropriate whatever surplus there may be, after satisfying the claims of individual creditors.</p> <p>4. Same — same — case cited. — The case of Dahlgreen v. Duncan et al., 7 Smedes & Marsh. 393, cited and reviewed, and held not to announce the true view of the statutes in force on the subject referred to.</p>