The Law Reports: Robert & Benjamin 1871
(PIERCY v FYNNEY Partnership Debts-Court case)
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The Law Reports
-By Great Britain Court of Chancery, George Wirgman Hemming
London: Printed for the Incorporated Council of Duty Reporting for
England and Wales.
Page 69-75
You may view of any of these records in full at
The Law Reports By Great Britain Court of Chancery, George Wirgman Hemming
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Plaintiff Robert Piercy and the Defendant Benjamin Piercy, who were
brothers, were in partnership as engineers.
Other Defendant: Frederick A Fynney
PIERECY v FYNNEY Partnership Debts Separate Debts of one Partner Set off by Debtor - Jurisdiction in Equity Money Demand. A and B were partners in a firm A allowed a debtor to the partnership to set off a separate debt of his own against money due to the firm the debtor knowing the interest which B had in the debt If filed a bill against the debtor and against A to have it declared that the debtor had no right to retain his share in the debt towards payment of the separate debt of A. Held upon demurrer that although one partner could bind another in the receipt and payment of partnership debts he could not set off his separate debts against the debts due to the firm and the debtor's knowledge of the co partner's interest rendered the bill sustainable as against him Held also that this was a proper subject for a suit in equity since one partner must sue in an action at law in the name of himself and his Co partner. DEMURRER The bill alleged as follows The Plaintiff Robert Piercy and the Defendant Benjamin Piercy who were brothers were in partnership as engineers the Plaintiff being interested in such co partnership to the extent of one third and the Defendant Benjamin to the extent of two thirds that as such engineers the partners had a large claim against the Cambrian Railway Company as their debtors The Defendant Benjamin Pierey had since carried on a separate business as a contractor on his own sole account and had been in the habit of borrowing sums of money for use in his business and for his private purposes from the Defendant Frederick A Fynney The Cambrian Railway Company not being in a situation to pay the claim entered into an agreement with Benjamin Piercy acting on behalf of himself and his brother to pay it in Lloyds bonds to the amount of 54,000 The agreement so entered into also provided that the Defendant FA Fynney who was Largely interested in the Cambrian Railway Company should receive 4000 of such bonds in consideration of his services in negotiating the settlement of the claim and that lie should purchase from the partners the remaining 50,000 of the Lloyd's bonds for the sum of 30,000 .... continued.... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To read the balance of this case go to the following link, on Google Books. The Law Reports By Great Britain Court of Chancery, George Wirgman Hemming |
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