subject to the laws relative to real property until after such disability has ceased.

SEC. 48. Where the holder of an incumbrance shall Proof of inhave appeared pursuant to the provisions of section cumbrance. forty-one, he shall make proof of such incumbrance and the exact amount thereof, and if any issue of fact be thereon joined, it shall be tried as hereinbefore directed.

or years.

SEC. 49. If an estate for life or years be found to Calculation of exist as an incumbrance upon any part of said prop- estate for life erty, and if the parties cannot agree upon the sum in gross which shall be considered an equivalent for such estate, the court shall direct such sum to be calculated according to the principles of law applicable to annuities, and which the person entitled thereto shall consent to accept in lieu thereof, by an Consent of the instrument under his hand and seal, and acknowl- party. edged or proved in the manner required in case of deeds to entitle them to be recorded.

SEC. 50. If such consent be not given on demand, If consent not the court shall direct the proceeds of the whole given, proceeds share, upon which the incumbrance existed, to be in- to be invested. vested, and the same disposition to be made of the proceeds thereof as though such instrument had remained real property after partition.

SEC. 51. The proceedings in relation to incum- Not to delay brances, as above provided, shall not delay the distri- distribution. bution of the proceeds of those shares in regard to which no such proceedings are necessary.

SEC. 52. Any person claiming to hold an incum- Holder of in brance upon any portion of the property, in relation cumbrance. to which the suit is brought, may, in default of the owner thereof, appear and act as his representative

in any of the proceedings under this act.

SEC. 53. Persons having a contingent interest in Contingent insaid property may be made parties to the proceed-terest. ings herein authorized, and the proceeds of the share so situated shall be invested until such contingent

interest vests in some ascertained owner.

SEC. 54. In all cases the ascertained share of any Share of absent absent or unknown owner shall also be invested for owner. his benefit.

SEC. 55. Before the proceeds of any sales hereby Expenses. authorized shall be paid over or invested, the due proportion of the expense of the aforesaid proceedings shall first be deducted.

SEC. 56. The proceedings authorized by this act Equity powers. being intended as a substitute for all partitions in

Security to refund.

Security to be by bond.

How investments to be made.

Discharge, &c., of security.

Clerk to re

ceive and apply moneys, &c.

In what cases

pay costs.

chancery as well as at law, the court is authorized to exercise equity powers, except as herein otherwise provided.

SEC. 57. The court may, in its discretion, require all or any of the parties, before they shall receive the moneys arising from any sale as aforesaid, to give satisfactory security to refund such moneys, with interest, in case it shall afterwards appear that said parties were not entitled thereto.

SEC. 58. Whenever by this act security is required to be given, it shall, unless otherwise provided, be by bond to the clerk of the court, and filed in his office, and if the conditions thereof be broken, it shall be prosecuted by him, or his successors, for the use of the parties aggrieved, whenever required by them so to do.

SEC. 59. All investments under the provisions of this act shall be made upon bond and mortgage of real estate, of the clear unincumbered value of at least twice the value of the investment, and the security shall be given, and the breach thereof presented, as provided in the preceding section.

SEC. 60. No such security shall be discharged, transferred, or impaired, by any act of the clerk, without an order from the court entered on the minutes thereof.

SEC. 61. Such clerk shall receive all moneys as they become due, and apply or re-invest the same, according to the circumstances of the case, as the court shall direct; and shall once in each year, or oftener if required by the court, render to said court an account in writing, and on oath, of all moneys received by him, and of the application thereof.

SEC. 62. If the petitioners for any partition shall petitioners to become nonsuit, or suffer a discontinuance, or a verdict shall pass against them, or judgment shall be rendered against them on demurrer, they shall pay costs, to be recovered and collected as in personal

Writ of error

actions.

SEC. 63. Upon any final judgment, rendered purmay be bro't. suant to the provisions of this act, a writ of error may be brought by any of the parties to such judgment, either jointly or separately, in the same manner as in personal actions.

What errors

SEC. 64. Errors may be assigned upon such writ may be assign- for any erroneous adjudication upon the rights of any of the respective parties, and the court shall direct the person, whose interest is affected by such adju

ed thereon.

dication, to appear in such cause as a defendant in

error.

SEC. 65. Judgment may be given by the court above Judgment by either for affirmance or reversal in part, or in whole, court above. or a new adjudication of the matter may be directed in the court below. The proceedings in other respects shall be the same as in personal actions. APPROVED, January 4, 1839.

PARTNERSHIPS.

AN ACT relative to limited Partnerships.

for what pur

SEC. 1. Be it enacted by the Council and House of Representatives of the Territory of Iowa, That limited Limited partnerships for the transaction of any agricultural, partnerships, mercantile, mechanical, mining, smelting, or manu- by whom, and facturing business, within this Territory, and for no other purpose, whatever, may be formed by two or more persons, upon the terms, with the rights, and powers, and subject to the conditions, liabilities herein prescribed.

poses, formed.

respective liabilities

SEC. 2. Such partnerships shall consist of one or General and more persons, who shall be called general partners, special partand who shall be jointly and severally responsible, ners, and their as general partners now are by law, and of one or more persons who shall contribute, in actual cash payment, a specific sum, as capital to the common stock, who shall be called special partners, and who shall not be liable for the debts of the partnership beyond the fund so contributed by him or them to the capital. SEC. 3. The general partners only, shall be author-General partized to transact business and sign for the partnership, and to bind the same.

ners to transact business,

&c.

general and

SEC. 4. The persons desirous of forming such Certificate, to partnership, shall make and severally sign a certificate, contain name which shall contain: first, the name, or firm, under of firm, nature which such partnership is to be conducted: second, of business, the general nature of the business intended to be special parttransacted: third, the names of all the general and ners, their respecial partners interested therein, distinguishing sidence, the which are general and which are special partners, ital, and periand their respective places of residence: fourth, the od of connecamount of capital which each special partner shall tion. have contributed to the common stock: fifth, the period at which the partnership is to commence, and the period that it will terminate.

amount of cap

Certificate, by,

and in what manner ac

SEC. 5. The certificate shall be acknowledged by before whom, the several persons signing the same, in the manner, and before the same persons, that deeds are now acknowledged, and the said acknowledgment shall be certified in the same manner as the acknowledgment of deeds is now certified.

knowledged.

Certificate,

where, and by

whom record

ed.

SEC. 6. The certificate, so acknowledged and certified, shall be recorded and filed in the office of the

register of deeds of the proper county, in which the principal place of business of the partnership shall be situated, and shall also be recorded by him at large in a book to be kept for that purpose, open to public inspection. If the partnership shall have places of business situated in different counties, a transcript of the certificate and of the acknowledgment thereof duly certified by the register, in whose to be recorded, office it shall be filed, and under his official seal shall be filed and recorded in like manner in the office of the register of every such county.

How certifi

ed, and when

in different

counties.

Affidavit, as to

in.

SEC. 7. At the time of filing the original certificate, moneys paid with the evidence of the acknowledgment thereof, as before directed, an affidavit of one or more of the general partners shall also be filed in the same office, stating the sums specified in the certificate to have been contributed by each of the special partners, to the common stock, and to have been actually, and in good faith, paid in cash.

Partnership, when formed and the effect

of false statements.

Publication, under whose direction, when made, and con

glect.

SEC. 8. No such partnership shall be deemed to have been formed, until a certificate shall have been made, acknowledged, filed and recorded, nor until an affidavit shall have been filed as above directed. And if any false statement be made in such certificate, or affidavit, all the persons interested in such partnership shall be liable for all the engagements thereof, as general partners.

SEC. 9. The partners shall publish the terms of the partnership, when registered, for at least six weeks immediately after such registering, in a newspaper sequence of ne- published in the county where the principal business of the partnership shall be carried on, if there be one published in that county, if not, then in a newspaper in the Territory nearest to the said principal place of business, to be designated by the register of deeds of the county in which said registry shall be made, and if such publication be not made, the partnership shall be deemed general.

Affidavit of publication, and its effect.

SEC. 10. Affidavit of the publication of such notice, by the printers of the newspaper in which the same

shall be published, may be filed with the register of deeds, in the county where the principal business of the partnership may be carried on, and shall be evidence of the facts therein contained.

quired herein.

SEC. 11. Every renewal, or continuance, of such Renewal, or partnership, beyond the time originally fixed for its continuance, duration, shall be certified, acknowledged and re- and what is recorded and an affidavit of a general partner be made and filed, and notice be given in the manner herein required for its original formation, and every such partnership which shall be otherwise renewed, or continued, shall be deemed a general partnership.

ness, or capit

SEC. 12. Every alteration which shall be made in Alteration of the names of the partners, in the nature of the busi- names, business, or in the capital, or shares thereof, or in any al and the efother matter specified in the original certificate, shall fect thereof. be deemed a dissolution of the partnership, and every such partnership which shall, in any manner, be carried on after any such alteration shall have been made, shall be deemed a general partnership; unless renewed as a special partnership according to the provisions of the last section.

tions.

SEC. 13. The business of the partnership shall be Names to be conducted under a firm in which the names of the used in busigeneral partners only shall be inserted, without the ness transacadditon of the word "company," or any other general term, and, if the name of any special partner shall be used in such firm, with his privity, he shall be deemed a general partner.

SEC. 14. Suits, in relation to the business of the Style of suits. partnership, may be brought and conducted by and against the general partners, in the same manner as if there were no special partners.

their liabili

SEC. 15. No part of the sum, which any special Special partpartner shall have contributed to the capital stock, ners, extent of shall be liable for any debts previously contracted by ties,-and the general partners, nor shall any part of such sum their privile-be withdrawn by him, or paid, or transferred to him, ges. in the shape of dividends, profits, or otherwise, at any time during the continuance of the partnership. But any partner may annually receive lawful interest on the sum so contributed by him, if the payment of such interest shall not reduce the original amount of such capital, and if after the payment of such interest, any profit shall remain to be divided, he may also Interest and receive his portion of such profits.

profits.

SEC. 16. If it shall appear, that by the payment of Reduction of interest, or profits, to any special partner, the original capital, pro

49

hibited.