Pettis v. Atkins

Citations

• 60 Ill. 454

Syllabus

<p>1. Joint stock company — partnership. Where a number of persons enter into articles of association for banking purposes, and, without any charter, assume a name, open a stock book, subscribe for shares of stock, and a portion of them pay small sums on the stock, hold meetings, elect directors, publish the names of such directors, none of whom take any steps to inform the public that they do not belong to the association, enter into business, buy and sell exchange, receive deposits, draw bills, and transact business as a bank: Held, that all become members of a partnership and are liable as such, and that they may be sued on a draft drawn by the company which is not paid.</p> <p>2. Although persons may not be, in fact, partners, still they may so act as to become liable to the public as partners, and be estopped from denying a partnership.</p> <p>3. Judgment — should he against all. In an action against the members of a voluntary association, upon a contract, the recovery must be against all or none</p>