¶1said 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. ■
2 Paige Ch. 310
Law v. Ford
Decided November 10, 1830
New York Court of Chancery · decided 1830-11-10
This was an application for the appointment of a receiver, to dispose of the effects and close up the concerns of a partnership, on a bill filed by one partner' against another. The application was resisted on the ground that. the partner who was in possession of the partnership books and effects, was willing to give security for the faithful application of the; effects in payment of the debts.
Cited by 1 later decisions — most recently December 1857
1 state decisions
Good law ✅— No negative treatment on recordhow we know
Decided 1830-11-10
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