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MYERS V. INTERNATIONAL TRUST CO., 273 U. S. 380 (1927)

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U.S. Supreme Court

Myers v. International Trust Co., 273 U.S. 380 (1927)

Myers v. International Trust Company

No. 122

Argued January 12, 13, 1927

Decided February 21, 1927

273 U.S. 380

Syllabus

1. In Massachusetts, a partner who indorses a firm note as an individual incurs, in addition to the liability for the partnership debt arising from his membership in the firm, a distinct and separate liability arising by reason of his personal indorsement. P. 273 U. S. 384.

2. A composition between a bankrupt partnership and the partnership creditors only, in respect only of the partnership debts, will not discharge the partners as individuals from their separate obligations as endorsers of partnership notes. P. 273 U. S. 383.

3. The fact that the holder of the notes was scheduled as a partnership creditor and received, as such, his proportion of the consideration deposited for the composition did not enlarge the effect of the composition so as to discharge the partners from their personal liabilities as endorsers. P. 273 U. S. 385.

252 Mass. 94 affirmed.

Certiorari (268 U.S. 686) to a decree of the Superior Court for Suffolk County, entered pursuant to a rescript from the Supreme Judicial Court.





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