Kimball v. Lincoln

Citations

• 99 Ill. 578
• 1881 Ill. LEXIS 213

Syllabus

<p>1. Purchaser — who may become a purchaser — of the relation between surviving partners — and between a surviving partner and the representatives of the estate of the deceased partner. A surviving partner can not become a purchaser of the property of the firm at his own sale, — he can not thus occupy the position of both vendor and purchaser; — nor can he become the purchaser of such property from a co-trustee.</p> <p>2. But this rule has no application to.the case of a purchase by a surviving partner of the share in the partnership property belonging to the estate of the deceased partner, from the personal representatives of the latter. ’In such a transaction the surviving partner is not to be considered as dealing with trust property, in that sense which would bring the sale within the legal prohibition.</p> <p>3. Sale — by executor of a deceased partner to a surviving partner — what will pass by the sale. The executor of a deceased partner sold to the surviving partner “ all the interest in the flour mill and property of the firm, which the testator had at the time of his death, or which the executor then had, the sale to include the debts due said firm by account or otherwise.” The guardian of one of the legatees under the will of the testator, filed his bill in chancery against the executor and the surviving partner, for an account of certain profits which it was alleged had been earned by the firm property while in the hands of the surviving partner subsequent to the death of the testator. But it was held, that whatever profits had been thus earned, they passed by the sale from the executor to the surviving partner, — so there was no ground for an accounting.</p> <p>4. Partnership — division of assets between surviving partners and representatives of deceased partner. Where the debts of a partnership have been paid, a surviving partner and the representatives of the deceased partner may properly make a specific division of the remaining assets between them,