Samuel Blatchford, Graves v. Corbin First National Bank…
“ Boies and Graves pretended to release and convey to Fay and Conkey all their interest in such assets; but such release was void as against the creditors of the limited partnership. By the statute of Illinois under which the partnership was formed all of its assets were pledged to the payment of its debts ratably, and it was the duty of the four partners, when they first had knowledge of its insolvency, or at the time of its pretended dissolution, to appoint a trustee to take charge of its assets, and convert them into money, and distribute the same ratably among its creditors. ”
