Melville Fuller

“ Real estate purchased with partnership funds for partnership uses, though the title be taken in the name of one partner, is in equity treated as personal property, so far as is necessary to pay the debts of the partnership, and to adjust the equities of the partners ”

“ Where, however, partnership affairs are being wound up in due course, without antagonism between the parties, or cause for judicial interference, where assets are being realized upon and liabilities extinguished, and no settlement has been made, the cause of action has not accrued, and the statute has not begun to run. ”

“ And so, upon dissolution by an assignment, the sl vent partners are in equity entitled to hold the effects and property in the way that surviving partners do; and, if they continue the business, it is at their own peril, in the absence of special provision. When the right of action accrues, so as to set the statute of limitations in motion, depends, as we have said, upon circumstances, and cannot be held, as matter of law, to arise at the date of the dissolution, or to be carried back by relation to that date. ”

“ If to one partner alone, the whole legal title vests in him, which is the case, also, where the title is to a partnership name, which, as in this case, expresses the name of one party only, with the addition of '& Co.' If the deed be to a name adopted as the firm style, which includes the name of no party, it passes nothing in law. ”

“ We are not prepared to decide that there is a definite rule of law that statutes of limitation commence to run immediately upon the dissolution of a partnership, irrespective of the circumstances of the particular case. Mr. Justice Lindley, in his excellent work on Partnership, says: 'So long, indeed, as a partnership is subsisting, and each partner is exercising his rights and enjoying his own property, the statute of limitations has, it is conceived, no application at all ”

“ Justice Story, subject to this qualification, that time begins to run against a trust as soon as it is openly disavowed by the trustee, insisting upon an adverse right and interest which is clearly and unequivocally made known to the cestui que trust, as when, for instance, such transactions take place between the trustee and the cestui que trust as would, in case of tenants in common, amount to an ouster of one of them by the other. ”

“ Louis firm the members other than Sanford were entitled to collect and dispose of all its assets, including the Minnesota 'outfit' and the Minnesota lands, to liquidate its affairs, without the interference of Sanford; that all claim on their part against Sanford individually was relinquished, leaving recourse only to those assets; and that, if there should be any surplus of those assets after paying the debts of the firm, and the advances of any of the other partners therefor, Sanford's executors would be entitled to his proper proportion of such surplus. ”

“ As to this real estate, whether the deeds ran to J. M. Whitehill & Co. or to J. M. Whitehill, the latter held the title in trust; and it was so ruled inM cGuire v. Ramsey, 9 Ark. 519. It is there said that 'where real estate is purchased and paid for with partnership funds, but conveyed to one of the partners alone, a trust results in favor of the other partners,' and that lapse of time 'cannot be allowed in favor of one partner in possession of real estate against the other, for the possession of one is the possession of both.' Lord REDESDALE, in Hovenden v. ”