Oliver Wendell Holmes, Jr.

“ The firm creditors know that they will be postponed to individual creditors, and that they have no voice or knowledge as to who the individual creditors shall be, or what the amount of their claims. The only real equity is not to disturb the equilibrium established by the parties. Those who take less security have no claim to be put on a footing with those who require more. It is not necessary to go into nice speculations as to what a partner can add to the liability already incurred when he offers a separate contract in addition to that which is made by his firm. ”

“ Except so far as the statute may prevent it a solvent man dealing with another for money to be advanced to or deposited with his firm may determine the security to be given as he and the other may agree. ”

“ By making a separate contract although in the same instrument he calls the separate liability into being, as presumably he intends to and as he has a right to do. Robinson v. Seaboard National Bank of New York (C. C. A.) 247 F. 667, 668, 669, 10 A. L. R. 842; Id. (C. C. A.) , 247 F. 1007, 10 A. L. R. 842. The intent and transaction are not illegal in Texas. Their specific effect depends on the Bankruptcy Act. ”