Court Opinion

ID: 5547843
Source: CourtListenerOpinion
Date Created: 2022-01-10 21:22:27.898572+00
Date Added: 2024-06-11T08:34:58.101657
License: Public Domain

The Chancellor
said that, as a general rule, each partner had an equal right to the possesion of the partnership ef- • fects, and to collect and apply them in satisfaction of the debts of thé firm. That where either party had a right to dissolve the partnership, and the agreement between the partiés. made no provision for closing- up the concern, it was of course to appoint a manager or receiver, on a bill filed for that purpose, if they could not arrange the matter between themselves. .That in such a case the court would direct the receiver to apply the partnership property and funds to the payment of all the debts of the firm, rateably, without giving a preference to the favorite creditors of either partner. ■