¶1All the rulings in this case were clearly right. When one partner retires from a firm, taking a certain sum of money, in consideration of which he sells out to the others his interest in the assets, he is no longer a member of the firm, and no accounting or adjustment of their affairs is necessary. If the other members agree to pay the joint debts, and indemnify him against them, but omit to pay them as they become due, he may pay them upon request or voluntarily, and recover the amount so paid of the other partners. Such an agreement is not, within the statute of frauds, a collateral agreement to pay the debt of another. Exceptions overruled.
89 Mass. 469
Hunt v. Rogers
Massachusetts Supreme Judicial Court
Decided November 15, 1863
Massachusetts Supreme Judicial Court · decided 1863-11-15
Contract for money paid. At the trial in the superior court, before Ames, J., the plaintiff introduced evidence tending to show that he, having been in co-partnership with the defendant Rogers and James Brown, Jr., who was originally joined as a defendant, but was defaulted, withdrew from the firm on the 17th of October 1853, and that it was then agreed that all the joint property should belong to Rogers and Brown, and that they should pay all the joint debts; but that they,…
Decided 1863-11-15