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A Treatise of the Law of Partnership (1794)
A Treatise of the Law of Partnership - 1794 Author:William Watson Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: —What. 3 the afllgnees under a commiffion of bankrupt againft one partner, can only be tenants in common of an undivided fhare, fubject to all the rights of t... more »he other partner. And here his Lordfhip cited the words of Lord Hardwicke, " If a creditor of one partner " takes out execution againft the partnerfhip " effects, he can only have the undivided " fhare of his debtor ; and muft take it in the " fame manner the debtor himfelf had it, " and fubject to the rights of the other part- " ner." So that one partner can have no right againft the other, in his capacity of partner, but to what is due from him out of the joint-jock, after making all juft allowances, let the fluctuations of trade be what they may. The whole of this doctrine feems to arifc out of the very principle upon which partnerlhip is founded, namely, probable profit, and the rifk of lofs; the advantages, or difadvantages, of which cannot, in common juftice, be confined to one fide only, but muft be reciprocal throughout c. The different civil law writers have, in fome degree, varied in their mode of confidering c i2 Mod. 446. 6 2 partnerftvips, partnerfhips, with relation to the nature of the contract itfelf. Grotius confiders partnerfhip to be a mixt contract.—And Barbeyrac in his Notes on Puffcndorff obferves that a partner- fhip is contracted fometimes tacitly; when, for example, a thing being bought in common, is not parted, but the interefted parties without explaining themfeives further enjoy it equally, each taking the profit that arifes, and contributing his own proportional part in the neceflary cxpences for it's maintenance: Jbcictatem coirs, et re, et verbis, et per nuncium poffe nos, dubium non eft e. But Ptiffendorfff obferves that in partnerfhip, tho' one contributes money and work, anothe...« less