Sylverstein v. Atkinson

Citations

• 45 Miss. 81

Syllabus

<p>1. Partnership—authority ova member to bind the virm as surety. — One member of a commercial partnership has not implied authority to sign the joint name as surety for third persons, unless the partnership agreement permits it.</p> <p>2. SAME —AUTHORITY OVA PARTNER TO BIND THE VIRM IN GENERAL. — The right to sign the joint name is implied, where the business of the partnership is commercial trading. If a partner apply for a loan, and gire a note in the partnership name, the firm is bound, though he use the money to pay his own debts.</p> <p>3. Same—presumption where virm name on negotiable paper.—Whenever the name of a commercial partnership is on negotiable paper, the firm is prima facie bound, and it devolves upon the member contesting his liability, to show the special facts that exonerate him.</p> <p>A Same—liability ov the virm vor the acts ov a member.—Partners in general commercial business only hold each other out to the world as competent to transact joint business, within the scope of the partnership, and each engages to be bound for the other only that far.</p>