Stover v. Stover

Citations

• 180 Pa. 425
• 36 A. 921
• 1897 Pa. LEXIS 937

Syllabus

<p>Partnership — Beal estate — Tenants in common.</p> <p>When two or more partners take title to land as tenants in common, the presumption arising from the deed is that they hold as tenants in common in equal shares. As between themselves the deed is not conclusive, but they hold in accordance with the facts. As to purchasers and creditors they hold in accordance with the recorded title.</p> <p>If real estate is purchased with partnership funds .and for partnership purposes the general rule is that it is thereby made partnership assets; but as to purchasers and creditors the deed will control, as the parties will be presumed to have put their title on record in accordance with the facts, and those who deal with them have a right to act upon this presumption. When it comes to a question of distribution of the proceeds of a sale of land so held, the individual creditor of a cotenant will have priority over the firm, claiming by virtue of its title, and in contradiction of the deed.</p> <p>Where one of two partners purchases land with partnership assets, and causes the deed to be made to the two partners as tenants in common, an individual judgment creditor of the other partner will be entitled to priority in the distribution of the proceeds of the land over a claim of the first partner for a balance due from his copartner in a final accounting.</p>