Sturgeon v. Apollo Oil & Gas Co.

Citations

• 203 Pa. 369
• 53 A. 189
• 1902 Pa. LEXIS 728

Syllabus

<p>Partnership — Limited partnership association — Denial of partnership— Contribution of capital — Estoppel.</p> <p>Where three persons form a limited partnership association, signing the necessary papers for that purpose and hold themselves out as limited partners, two of them will not be heard to aver subsequently that the third was but a straw partner and had no interest in fact in the partnership.</p> <p>Where three persons form a limited partnership association, each having a nominal division of the capital stock, and the whole capital contribution consists of money borrowed by two of the partners from a limited partnership which they control, and this loan is subsequently paid back out of profits, the other partner is entitled to his share on the ultimate dissolution of the partnership, although he made no actual contribution to the capital, and his two copartners will not be heard to aver that he was merely a nominal partner, whose name was used merely because the act required a third person, where this fact is denied by the other partner, and his denial is supported by the recorded articles filed in successive years, and in which he was held out to the world as an actual partner.</p>