Pierce v. Shippee

Citations

• 90 Ill. 371

Syllabus

<p>. Partnership—or whether a fiduciary relation exists. A person furnished money to another with which to purchase corn fgr speculation, the one receiving the money to make the purchases and to bear all the expenses attending the purchases and shipment, and upon a sale of the corn the amount received in excess of the money advanced was to be equally divided between the parties, and in case of loss, that was to be borne equally: jWeld, the transaction constituted a partnership, and did not create a fiduciary relation between the parties so as to exonerate the party receiving the money and making the purchases, under a discharge in bankruptcy, from his liability to contribute to the other for any loss sustained in the enterprise. The fact of the corn not being bought in the name of the party furnishing the money, or shipped in his name, would not change the character of the transaction.</p>