The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-09-07

ting hands OF receiver for that purpose
Captain Dunovnnt inserted that such a
course would ruin his private business, as
Nell as the firm, as he was theu not able
to pay his debts. Thcn Mr.. Eldridge pro
posed 10 Captain Dunovant that he could
take the assets OF the Grm and pay the
debts and release Mr.. Eldrldge from any
further liability thereon. This Captain
DunoyEnt refused. Mr. Eldridge then pro.
posed 70 take the assets and pay all part;
Bership debts or have Captain Dunovant
released therefrom. This Captain Dunoyant
refused but as a counter proposition later
On he offered to let Mr. Eldridge take ali
the firm assets II he wodld pay al debts,
or haze Dunoyant released therefrom aud
pay Dunoyant $4,000 III cash This Mr..
Eldrldge declined. Captain Dunovant theu
proposed that he would make said adjust
ment II Mr. Eldridge. would pay him St3,
GOO This Mr.. Eldridge declined, but Of
fered a counter proposition 10 make the
trade and pay Captain Dunoyant 5000 In
cash. and to repay him In addition thereto
$1,000 which he had paid ON partnership
debts after the time Mr.. Eldridge had pro
posed that either one might take the assets
and settle the debts. This last proposition
Captain Dunovant accepted, and in order
TO carry It out the following contract dated
June IS, A. D., 1901, was drawn and ex-
ecuted:
state Of Texas County Of Colorado
This agreement, made and entered into
on this. the 18th day OF June, A. D.. 1901,
by and between Captain William Dunoyant,
party OF the trst part, and W. T. El:
bridge. party Of the second part. both OK
Colorado county, Texas. wiLnesseth:
First For the purpose of dlssoiving and
settling the co-pattneTship AFFAIRS and bust
ness of the firm OF Dunovant & Edridge,now
name OF Dunovant y Eldridge, with
Headquarters at Bonus, Wharton, coun-
ty Texns, said firm being composed
Of said William DunOvant and w
II. Eldridge; 1t Is agreed that all
Of the firm assets, Of every kind, char
acter and description and wheresoeyer To-
Gated consisting Of lands, chiefly the Bonus
farm at Bonus, containing about 1000 acres,
and all machinery, mules, bOrSps cattle,
hogs and stock OF general merchandise,
other personal property. improvements.
notes and accounts and other evidences Of
Indebtedness to said frm. etc, shall pass
to and become the individual property and
assets of the said W. r. Eldrldge, and
his associates, or yendee or assignee or
other person or persons or corporation to
which the same may be sold by the said
Eldrldge.
And the said william Dunovant hereby
agrees and covenants aud promises that he
and his heirs and legal representatives shall
by proper and legal documents and trans
fers convey all his one-nalf interest in any
and all such assets to the sati ". r. Ell
bridge or to others under the direction of
the said Eldridge, as soon as the said FL
bridge has fully complied with aud psr
formed the obligations acts and agreements
hereby assumed and undertaken by him,
the same being hereinafter fully stated
Second. In consideration for the above con-
yeyanees and promises Of the said William
Dunoyant the said Eldridge agrees, prom
ises and hereby covenants that he Will in
ninety dnys from the date hereof, pay OF
and discharge all the legal obligations and
responsibilities and debts due by the said
! firm cf Dunovant & Eldridge, TO any and
all persons, firm or corporations holding
The same, or Will by said date cause tde
owners and holders OF AIRY such debt to
fully release ard discharge the said william
Dunoyant from any and all liability and
responsibility thereon, and therefor, except
a debt due by said firm to Mrs. Baker,
Harris county, Texas, for the sum OF 500.
eco, which said debt is assumed and rs -
be paid by William Duuoyant out OF his
own Individual assets. aud without expense
CT cost 60 the said Eldridge, or TO the fir,n
Of DunovQnt a. Eldridge, and III ninety
days from this date said Dunovaut is TO
pay the same or cause the holder and
owner thereof 10 fully release therefrom the
said firm of Dunoyant ~ Eldridge. and the
said W. T. Eldridge and except further In
debtedress ot said firm to Frances Smith &
by w. T. Eldridge Individually, but the
same being now secured by a first m lrt-
gage or deed OF trust upon the said Bonus
plantation II the said Frances Smith & Co.
should refuse TO release therefrom the said
DunOyant and the said llldridge should BE-
unable to pay off and discharge the said
debt in the time herein limited II mag
stand as IL now is, as said lands are re-
garded as fully sufficient In value 70 pay
the same In any event. and except further
the said firm Of Dunovaut & Eldridge hay
| Ing heretofore Endorsed certain notes due
by the Cane Belt Railroad company to the
Lincoln Trust company. and having as
su3ned certain other responsibilities and Ma
bilities to said Lincoln Trust company on
behalf OF said Cane Belt Railroad COM
panyg and arrangements having been made
by said railroad company TO cancel and
pay the same, 1t Is hereby agreed and un-
derstOod that said Eldridge does not hereby
assume or undertake any OF the RESPONSE
bilities or liabilities of said firm TO said
Lincoln Trust company. nor to release the
said Dunoyant therefrom. The said Dunno
want & EldrIdge merely being sureties for
the said Cane Belt Railroad company there
on. And Will pay William Dunovant the
sum Of 5000 ninety DAYS from date hereof
Third. 1t Is further agreed and understood
that any indebtedness that may exist in
favor of William Dunovant from the said
William DunOvsnt by said firm from any
account whatever is hereby, by the said
Dunovant. fully released and cancelled and
will never be insisted upon or claimed as
debt against the said firm or against the
| said Eidridge, whenever the other purposes
of this contract have been carried out. The
the said Eldridge shall take the assets of
the said firm Of Dunovant & Eldrldge and
pay the debts Of said firm and wind up
said business. Should there be any excess
that may remain after paying off said
debt. except such as are above excluded,
Il VIII not be paid to the said Dunovant,
but retained by said Eldridge. and In case
said assets should be insufficient. then the
said Eldridge shall settle the same without
any further responsibility on the part OF
said DunOvant. hut In no event IS the said
DunoYant TO receive any part of the pro
ceeds of any OF said assets nor 10 receive
anything from the said Eldrldge for any
claim now made by the said Dunovant or
any account now held by him against the
firm OF DunOyant & Eidridge, and this CON
tract settles all claims that may exist or
he claimed to exist in favor OF said Ed
ridge from said Dunovant and the said
Eldrldge also agrees to pay the said Duno-
| want the money said Dunovant has recent
| Is paid for account Of Dunovant & Eldridge
To Albert Prlmm and Mrs. Baker.
Witness our hands this, the 2Sth day Of
| June A. d. 1901.
(Signed) VIM. Dunovant
| w T. Eldridge
] This Instrument is recorded In the deed
records OF Wharton county. hook volume 5,
/ page 2ss ct seq.
Thus ended the co.partnershlp business
Of Dmoyant & Eldridge. Since the execu-