U.S. Supreme Court
Clagett v. Kilbourne, 66 U.S. 1 Black 346 346 (1861)
Clagett v. Kilbourne
66 U.S. (1 Black) 346
1. A joint stock company formed for the purpose of buying and selling lands is a partnership.
2. The separate creditor of a member of an association dealing in lands has the same rights, and no others, against his debtor's share in the lands of the association that the separate creditors have against the partnership goods of an ordinary mercantile firm.
3. The creditor may levy his execution on his debtor's share of the joint property, but he sells only the debtor's interest in it, after payment of all the partnership debts.
4. The purchaser under the execution takes the estate which the judgment debtor would have been entitled to after a final settlement of the partnership accounts.
5. The purchaser of one partner's share or interest in the lands of an association cannot maintain ejectment for it; his remedy is in equity, where he may call for an account, and thus entitle himself to all that the judgment debtor could have claimed after payment of the partnership liabilities.