Talk:Johnson v. Risk

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Edition:	Johnson v. Risk, in the chancery court of Shelby county, Tenn, on October 28, 1885, by John Johnson against Thomas L Risk, L Tiff Risk, John D Milburn, H C Warriner, Eben L Risk, a minor, and his guardian, Alice H Risk, all residing in Shelby county, and Frank L Duncan and Jennie, his wife, residing in Cincinnati, Ohio The bill averred that the complainant and one E F Risk, since deceased, were copartners in the city of Memphis, under the styles of Johnson, Risk & Co, and Risk & Johnson, doing a foundry and also a mercantile business; and that on the 1st day of February, 1875, the firms were dissolved, and, for $10,000 paid to complainant, he sold and conveyed to Risk his undivided half of the real estate, and also his interest in the machinery, tools, and stock of every kind, belonging to said firms, reserving their bills receivable, book-accounts, and debts due them, which were to remain the joint property of Risk and complainant, but were to be collected by Risk and by him accounted for to complainant, in the proportion of one-half to complainant, and the other to Risk, 'in the manner set forth in the deed of bargain and sale executed at the time, and a copy of which is filed with and is a part of this bill, and marked 'Exhibit A" It was further averred that 'one condition of the said sale was that the said E F Risk assumed the payment of each and all the debts and liabilities of every kind whatever of each and both of the said firms of Johnson, Risk & Co and Risk & Johnson, and bound and obligated himself to pay the same and protect and keep the said Johnson harmless from the payment of any part thereof' The bill then stated that among the liabilities of the firms so assumed by Risk was one to his son L Tiff Risk, who declined to sue his father for the debt, notwithstanding he knew of the contract 'by which his father had gotten all the assets of the said firms, and had agreed to pay all their debts and liabilities,' but brought suit therefor against the complainant alone in the circuit court of Shelby county, and recovered a judgment therein, April 22, 1878, for $1,26087, and costs; that E F Risk never at any time paid any part of this judgment, and on the 27th of August, 1885, the complainant paid L Tiff Risk $1,000 in satisfiction thereof, by giving him his note for $150 due at four months, and another of the same date for $850 due at six months, with indorsers; and that no part of said sum had been repaid complainant, but the whole remained due and unpaid Complainant further stated that on the 11th of July, 1878, E F Risk filed his petition in bankruptcy in the district court of the United States for the district of West Tennessee, under and in compliance with the act of congress, entitled 'An act to establish a uniform system of bankruptcy throughout the United States,' approved on the 3d day of March, 1867, and in such petition asked to be discharged from all his debts and liabilities then existing; that subsequently, on the 20th of December, 1878, a discharge was granted him by the court aforesaid, in manner and form as declared in said act; that E F Risk died intestate in Shelby county, Tenn, on the 20th of June, 1882, without ever having paid any part of the debt t L Tiff Risk, on which the latter had recovered judgment against complainant; that on the 27th of June, 1882, letters of administration on his estate were granted by the probate court of Shelby county to the defendant Thomas L Risk, who was qualified and became the administrator and executed a bond as such, conditioned according to law, with the defendants, John D Milburn and L Tiff Risk as his sureties; that the administrator, on the 21st of August, 1882, filed an inventory of the assets of the estate, showing certain cash on hand, and giving a list of personal property on which no value was set; that, on the 27th of September, 1882, the said Thomas L Risk, as such administrator, filed in the probate court his final settlement of the estate of E F Risk, without giving the prescribed statutory notice to creditors and others interested in said estate; and that on the same day an order was entered confirming the settlement and discharging Thomas L Risk as administrator, canceling his bond, and releasing his sureties from further liability Upon this settlement it was shown by the administrator that the personalty had been disposed of, and that the whole amount with which he should be charged was $1,02849; and he also showed the debts paid, the expenses of administration, and the sum remaining for distribution, and credited himself with the sums paid the distributees of E F Risk, deceased, being as follows: To Mrs Jennie Duncan, to L Tiff Risk, to Alice H Risk as guardian of Eben L Risk, grandson of E F Rish, deceased, and himself, $20256 each .
Source:	Johnson v. Risk from http://bulk.resource.org/courts.gov/c/US/137
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