Page:Black's Law Dictionary (Second Edition).djvu/885

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PARTITION

Parpart, 106 U. S. 679. 1 Sup. Ct. 456, 2'? I. Ed. 156. —0welty of partition. See OWELTY. Partition, deed oi’. In conveyancing. A species of primary or original conveyance between two or more Joint tcn-iuts. coparccneis, or tcnsntsin common, by ahidi they divide the Lands so hcld among them in severulty, each talcing a distinct psrL 2 Bl. Comm. ‘ . 32-1.-—Partition of I success n. ’lhe partition of a succession is the division of the eifects of which the succession is composed, among all the co-heirs, according to their respective rights. Partition is voluntary or judicial. It is voluntary when it

uile nmong all the 1.-o-heirs present and of age and by their mutual consent. It is ju- di-ial ahen it is made by t.l.ie authority of the court, and according to the formalities prescribed by law. Eicry partifion is either definitive or prmisiuvml. Definithe partition is that which is made in a permanent and irrevocnhle nmnnr-r. Provisional partition is that which is made provision-illy. either of certain things before the rest can he divided, or even of every- thing that is to be divided, when the parties are not in a situation to make an irrevocable purtiéion. Civ. Code La. art. 1293, et seq.

PARTER. A member of It copartnership or firm: one who has united with others to form It partnership in business. See Paariwricsnrr.

—Dor-niant partners. Those whose names are not known or do not appear as pnrturrs, hut who ueverthcless are siicnt partners, and partake of the profils, and thereby become part- ners. either absolutely to all intents and puriiosns, or at all evcnts in respect to third partica Dormant partners, in striclness of Ian- izuuye, mean those who are merely passive in the firm, whether known or unknown, in con- ir:id‘ist'inction to those who are active and conduct the business of the firm, as principais. See Slory, Partn. § 80; Rowland v. Estes 190 Pa. 111. 42 At]. 523; National Bank of Silcm r. Thomas. 47 N. Y. 15; Metcalf v. Ols r (C. G.) 2 Fed. 040; Pooley v. Driver, 5 h. Div. 458: Jones v. Fegcly. 4 Phila_

.) ].—Liquidating partner. The partner who, upon the dissolution or insolvency of the firm, is appointed to settle its accounts. collect assets. adjust claims, and pay debts.—Non1inal. partner. One whose name appears in con- l](-'(‘lIOl] with the business as a. msmher of the firm, but u ho has no real interest in it.—Ostensible partner. One whose name appears to the world as such, or who is hold out to all persons having dcnlings with the firm in the character of a partner, whether or not he has any real interest in the firm. Civ. Code (in. § lSS9.—-Quasi partners. Partners of lnnrls, goods, or chattels who are not actual p_artners are sometimes so called. Poth. de Société, App. no. 1S-1.—Si1ent partner, sleeping partner. Popular names for dormant pirtnr.-rs or special partner's.—Specia1 part- nor. A member of a limited partnership, who furnishes certain funds to the common stoclr, and Whose liability extends no further than the fund furnished. A partner whose responsibility is l‘(’Sfl'ltIPd to the iiuiaunt of his invc=tnn=nt. 3 Iu-nt Comm. 3~l.—SurViv'ing partner. The parinu r who, on the dissolution of the firm by the death of his copartncr, occupies the position of II trustee to settle up lls alfairs.

PARTNERSHIP. A voluntary contract hctireen two or more competent persons to place their money. cffects. labor, and skill, or some or all of them, i.ii lawful commerce or business, with the understanding that there shall he a proportional sharing of the

877

PARTNERSHIP

profits and losses between them. Story, Parts. § 2; Colly. Partn. § 2; 3 Kent, Comm. 23. Partnership is the association of two or more persons for the purpose of carrying on business together, and dividing its profits between them. Civ. Code Cal. § 239-.i.

Partnership is a syuallagniatic and com- mutative contract made between two or more persons for the mutual participation hi the profits which may accrue from property, credit, skill, or iudiistry, furnished in determined proportions by the parties. Civ. Code La. art. 2801.

P.ll‘tI1€l'SlllD is where two or more persons agree to carry on any business or adventure together, upon the terms of mutual partici- pation in its profits and losses. Mozlcy & “hitley. And see Macornber v. Parker. 1:: Pick. (Mass) 181; Buclrnnm v. Barnum. 15 Conn. '71; Faruiors’ Ins. Co. v. Ross, W Ohio St 431; In re Glbb‘s Estate, 157 Pa. 59. 27 Atl. 383, 22 L. IL A. 276: Wild V. Davenport. 48 N. J. Law, 129. 7 At]. 295, 51 Am. Rep. 552: Moi-so v. Pacific Ry. Co., 191 Ill. 356, 81 N. El. 104.

—General partnership. A partnership in uhich the parties carry on all their trade and business whatever it may he, for the joint benefit‘ nu profit of all the parties concerned, whether the capital stock be limited or not, or the contributions thereto be equal or unequal. Story, Pzirtn. § 74: Bigclow v. Elliot, 3 Fed. Cos. 351; Eldridge v. Troost. 3 Ahb. PI‘ac.. N. S. (N. Y.) 2-.—-Limited partnership. A partnershlp consisting of one or more general partners. jointly and severally responsibie as ordinary partners, and h_v whom the business is conducted, and one or more special partners, coritriliuiing in cash payments a specific sum as capital to the common stock, and who are not liable for the debts of the art- nership beyond the fund so contrihuted. 1 tev. St, N. Y. 764. And see Monrliead v. Qerinoiir (City Or. N. Y.) 77 1\'. Y. supp. 1014, ‘aylor V. Wchster, 39 N. J. Law. 101, Min‘ng part- nership. Sne 1\lrNii\'o.—Partion1ar- part- ner-ship. One existing where the parties have united to share the hciiofits of a single individ- ual transaction or enterprise. Spencer v. Jones (Tex. Civ. App.) 4'.‘ S W. (i6fi.—Ps.rtne_rship assets. Property of any kind belonging to the firm us such (not the separate property of the individual partners) and available to the rs-cnursc of the crcditors of the firm in the fir. in~:tnuce.—Partnership at will. One de. mod to continue fur iio fixed period of time, but only during the pleasure of the parties, and which may he dissnlind by any part- ner without prns-iniis noticc —Pas-tnership debt. One due from the partnership or firm as such and not (primarily) from one of the indiividuol partners.-—Pnrtner-ship in commondam. Partnership in coin-memiam. is formed by a contract by which one person or pnrtunrsbip agrees to furnish anal her person or panneisuip a certain amount. either in property or lnDIlf‘y, to be employed by the person or partr rahip to whom it is furiilslied. in his or their own name or firm, on cnnililion of rec:-ivin-: 'I share in the profits, in the proportion determined by the contract, and of heirig liable to losses and expenses to the amount furnished and no more. Civ. Code La. art. Z8719 —-Secret partnership. One where the existence of certain persons as partners is not avowed to the public by any of the partners. Deering v. li‘l:—indr-rs, 49 N. H. 2‘.‘5.—Spocia1 partnership. At coiumon law.

One formed for the prosecution of it special