McCruden v. Jonas

Citations

• 173 Pa. 507
• 34 A. 224
• 1896 Pa. LEXIS 735

Syllabus

<p>Partnership — Insolvency—Priority of creditors — Act of April 14, 1838.</p> <p>An insolvent partnership composed of three of the four members of a second insolvent partnership cannot, as a creditor of the latter, share equally with the latter’s other creditors in the distribution of its assets. There is nothing in the act of April 14, 1838, P. L. 457, which will sustain such a claim.</p> <p>Partnership — Insolvency—Promissory notes.</p> <p>Where an insolvent partnership composed of four persons gives a promissory note to another insolvent partnership composed of three persons, all of whom are members of the drawer partnership, and the note is transferred by the payees as collateral security for a pre-existing debt to a third person who has full knowledge of the affairs of both partnerships, such holder of the note will be postponed to the other creditors of the firm which made the note.</p> <p>Promissory notes — Place of payment — Presumption.</p> <p>Where three promissory notes are given in another state by the same maker, at the same time, bearing the same date, payable within the same time to the same person, to apply on the same debt, and two of the notes are made payable at the maker’s store, and the third note is not made payable at any designated place, the presumption is that the place of payment of the third note was inadvertently omitted, and that the place of payment of the third note was also at the maker’s store in Pittsburg.</p>