Metz v. Commercial Bank

Citations

• 45 S.C. 216
• 23 S.E. 13
• 1895 S.C. LEXIS 3

Syllabus

<p>1. Exception. — An exception to a report of the master, which does not state the matters excepted to, will not be considered.</p> <p>2. Partnership. — A private banking partnership, by its articles of agreement, was to dissolve on a certain day, but on that day owed large sums to depositors, and had large credits outstanding; the partners agreed to proceed to wind up the business, the bank was kept open at the old place, same sign remained, same officers in charge, no notice to public of dissolution. Held, that the facts sustained a finding that a partnership under the^old articles continued. Mr. Justice Gary dissenting.</p> <p>3. Ibid. — One partner has the right to bind the partnership, even after date of dissolution, by terms of articles, if partnership is continued to wind up business, and no disapproval is expressed by other partner, and there is no collusion or fraud on the part of acting partner to injure the other, when such liability'- is for the purpose of winding up the partnership affairs.</p> <p>4. Coiaaterae Security — Assignee.—When choses in action are assigned as collateral security, they are the property of the assignee only to the extent necessary to pay the secured debt, and must be accounted for by assignee.</p> <p>5. Corporation. — Amounts deposited by subscribers to the capital stock of a corporation to the order of the agent of the corporators, may be included in the amount required under the statute to be paid in, to entitle corporators to receive a certificate of charter from Secretary of State.</p>