Foot v. Goldman
Foot v. Goldman
Opinion of the Court
delivered the opinion of the court.
The decided weight, in number at least, of the authorities is that one partner has not, by virtue of the partnership contract alone, and in the absence of special circumstances, authority to convey the whole partnership property to a trustee for the payment of the partnership debts. 1 Lindley on Partnership, 127, note; Burrell on Assignments, 126 ; 1 Am. & Eng. Ency. Law, 847.
The authority of one partner to act for all rests upon the agency created by the contract of partnership, and in no case can an agent perform an act which, if done by the principal, would be invalid, or bind the principal irrevocably, when, if the act had been done by the principal himself, it might have been revoked.
If the appellee had himself joined in the assignment it might have been annulled on his application; it is . impossible that one claiming to act as his agent can bind him irrevocably.
The suggestion that the infant seeks to get possession of the firm assets and -convert them to his own use without payment of the firm debts, and that the court will by its decree aid him in this purpose, is not well founded. The court having avoided the assignment will so deal with the property as to protect the rights of all parties. 10 Am. & Eng. Ency. Law, 639.
Decree affirmed.
Reference
- Full Case Name
- Lawrence Foot v. B. Goldman
- Status
- Published
- Syllabus
- 1. Infant Partner. Sight to revolee assignment by co-partner. An infant partner is not concluded by an assignment in the firm-name by his co-partner of all the partnership assets to a trustee to pay debts, and a bill by him against his co-partner and the trustee to renounce and set aside such assignment is maintainable. 2. Chancery Court. Vacating conveyance. Selief. Infancy. It cannot be objected to such a bill that the effect might be the recovery of the firm assets and their conversion by the minor to his own use, to the exclusion of creditors, since the court, having avoided the assignment, will so deal with the property as to protect the rights of all parties.