Fish

Fish v. First Nat. Bank

Good Law
150 F. 524·2 Alaska Fed. 678·80 C.C.A. 266·1907 U.S. App. LEXIS 4113
United States Court of Appeals for the Ninth CircuitJanuary 7, 1907No. 1,187California1,662 words

Opinion

Lead Opinion

Gilbert, J.

after stating the case as above, delivered the opinion of the court.

Did the bank, as owner before maturity, of the negotiable promissory note, have a cause of action against Fish by virtue of the partnership agreement between Fish and Loomis, or by virtue of the agreement of dissolution, or both? In the partnership agreement, it was recited that the note was given for money which was used by Loomis to purchase the goods and merchandise which he transferred to the copartnership, and that the indebtedness was assumed by the partnership. In the dissolution agreement, which was made four months later, all of the assets of the partnership were turned over to Fish, and he assumed the liabilities of the partnership. Af the time of the dissolution, *682 the promissory note was not due, and, in determining what liabilities were assumed by Fish, the two agreements should be read together; and, when so read, it is obvious that the indebtedness on the note was a liability which Fish expressly promised to pay.

At common law, the right of a plaintiff to sue in assumpsit in his own name upon the promise contained in an agreement not under seal, if made for his sole benefit, although he was…

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