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tribution of the partnership property among all the creditors, in proportion to the amount of their several legal claims, excepting the claims of the government of the United States, arising from bonds for duties which are first to be paid or secured. SEC. 10. In case of the insolvency of any
limited partnership, no special partner shall, under any circumstances, be allowed to claim as a creditor until the legal claims of all the other creditors of the partnership shall be satified.
Sec. 11. All suits respecting the business of such partnership shall be prosecuted by and against the general partners only ; except in those cases in which provision is herein made that the special partners shall be deemed general partners and special partnerships shall be deemed general partnerships, in which cases all the partners deemed general partners may join or be joined in such suits ; and excepting also those cases where special partners shall be held severally responsible on account of any sums by them received or withdrawn from the common stock, as before provided.
Sec. 12. No dissolution of a limited partnership shall take place, except by operation of law, before the time specified in the certificate before mentioned, unless a notice of such dissolution shall be recorded in the clerk's office wherein the original certificate or the certificate of renewal or continuation of the partnership was recorded, and in every other clerk's office where a copy of such certificate was recorded ; and unless such notice shall also be published for six successive weeks in at least two newspapers printed within this state.
Sec. 13. In all cases not otherwise provided for herein, the members of limited partnerships shall be subject to all the liabilities and entitled to all the rights of general partners.
An Act for the relief of Partners and Joint Debtors.
SECTION 1. After dissolution of a partnership one 3. Such compromise to enure to benefit
partner may make separate compro only of person making it, and not to mise with his creditors, which shall prejudice claim of creditor on other discharge him, and in reference to his partners. partner shall be taken as payment of 4. Such compromise not to affect rights his full proportion of the debt, if less of other partners against person makthan his proportion, and if more then for amount paid.
5. The foregoing provisions extended to 2. Such compromise to be in writing, and joint debtors.
may be given in evidence under general issue in suit with creditor.
It is enacted by the General Assembly, as follows:
SECTION 1. Whenever any copartnership shall be dissolved, it shall and may be lawful for any individual who was embraced in such copartnership, to make a separate composition or compromise with any one or all of the creditors of such copartnership; and such composition or compromise shall be a full and effectual discharge to the debtor making the same, of the whole of said debt, and be taken and considered in reference to the other copartners as actual payment of such debtor's proportion of the debt, whether the full amount of his proportion of said debt be actually paid or not. And in case an amount exceeding his proportion be actually paid, it shall be taken and considered as payment of the amount of debt actually paid.
Sec. 2. Every such debtor making such composition or compromise shall take from the creditor with whom he
may make the same, a note or memorandum in writing, exonerating him from all individual liability, incurred by reason of such connection with such copartnership; which note or memorandum may be given in evidence by such debtor under the general issue in bar of such creditor's right of recovery against him.
Sec. 3. Such composition or compromise shall not be so construed as to discharge the other copartners, except as provided in the first section of this act; nor shall it impair the right of the creditor to proceed at law or in equity against the members of such copartnership who have not been discharged; and the members of such copartnership so proceeded against shall be permitted to set off any demand against said creditor which could have been set off, had said suit been against all the individuals composing said firm; nor shall said compromise or discharge of an individual of a firm, prevent the other members of such firm availing themselves of any defence in law or equity that would have been available had not this act been passed ; except that they shall not set up the discharge of one individual as a discharge of all the other copartners, unless it shall appear that all were intended to be discharged.
Sec. 5. Such composition or compromise shall in no wise affect the right of the other copartners, or any of them, to call on the individual making such compromise for any sum beyond said individual's original proportion of said debt, if in consequence of the insolvency, inability to pay, or absconding of any one of said copartners, such individual so
compromising should become liable to pay more than his proportion of said debt, either in law or equity.
Sec. 5. The above provision in reference to copartners shall extend to joint debtors, who are hereby authorized, individually, to compound or compromise for their joint indebtedness, with the like effect to creditors and to joint debtors of the individual so compromising, as is above provided in reference to copartners.
An Act fixing the rate of Legal Interest.
admit the parties as witnesses-judg
ment how entered-provisions of act not extended to certain usages amongst farmers and merchants.
It is enacted by the General Assembly, as follows:
Section 1. No person shall, directly or indirectly, contract for or receive for the loan of any money, goods, wares, or other commodities whatsoever, above the value of six dollars for the forbearance or giving day of payment of one hundred dollars for one year; and so after that rate for a greater or less sum, or for a longer or shorter time, or according to that rate or proportion for the loan of any money, goods, wares or other commodities.
Sec. 2. If any action or suit shall hereafter be commenced upon any bond, mortgage, specialty, agreement, contract, promise or assurance whatever, which shall be made within this state after the passing of this act, and the defendant shall allege by special plea that a higher or greater interest than the rate aforesaid was taken, or was therein or thereby secured or agreed for, the court shall and may admit the defendant as a legal witness, upon the issue joined in such action or suit, to testify relative to the nature and circumstances of such agreement, and shall also, on motion of the plaintiff, admit such plaintiff as a legal witness in like manner; and if on the whole evidence, such agreement shall be found usurious, the plaintiff shall have judgment for the principal sum of money, or real value of the goods, wares or other commodity as aforesaid, with legal interest thereon with costs : provided always, that nothing in this act shall extend to the letting of cattle, or other usages of the like nature in practice amongst farmers, or to maratime contracts amongst merchants, as bottomry, insurance, or course of exchange, as hath been heretofore accustomed.
BILLS OF EXCHANGE AND PROMISSORY NOTES.
An Act in relation to Bills of Exchange and Promissory Notes.
SECTION 1. Damages and interest on foreign bills. 4. Action by or against corporations on 2. Action against drawer and endorser promissory note. may be joint or several.
5. Promissory note payable to order or 3. Damages and interest on inland bills. bearer-action on how brought.
It is enacted by the General Assembly, as follows:
Section 1. When any foreign bill of exchange is or shall be drawn or endorsed within this state for the payment of any sum of money, and such bill is or shall be returned from any place or country without the limits of the United States protested for non-acceptance or non-payment, the drawer or endorser shall be subject to the payment of ten per cent. damages thereon and charges of protest, and the bill shall carry an interest of six per cent. per annum from the date of the protest.
SEC. 2. It shall be lawful for any person having a right to demand any sum of money upon a foreign protested bill of exchange as aforesaid, to commence and prosecute an action for principal, damages, interest and charges of protest against the drawers or endorsers, jointly or severally, or against either of them separately; and judgment shall and may be given for such principal, damages and charges, and interest upon such principal after the rate aforesaid, to the time of such judgment, together with costs of suit. Sec. 3. When
any inland bill of exchange shall be drawn or endorsed within this state, for the payment of any sum of money without the same, and such bill shall be protested for non-acceptance or non-payment, the drawer or endorser shall be subject to the payment of five per cent. damages thereon and charges of protest, and the bill shall carry an interest of six per cent. per annum from the date of the protest.
SEC. 4. When any persons or body corporate, by themselves or by any person by them lawfully authorized for the purpose, shall hereafter make or sign any promissory note, whereby such persons or body corporate shall promise to pay to any other person or body corporate any sum of money or specific article mentioned in such note, the same shall be taken and construed to be by virtue thereof due and payable to such person or body corporate ; and such person or body corporate may maintain an action for the same against the person or body corporate who shall have made the same.
Sec. 5. A note made as aforesaid containing a promise for the payment of money only, made payable to order or
bearer, shall be assignable or endorsable over in the same manner as bills of exchange are or may be, according to the custom of merchants ; and the assignee or endorsee of such negociable note may maintain an action against the maker of such note, or any prior endorser, for the recovery of the money due thereon.
An Act in relation to Banks.
SECTION 1. Banks to make semi-annual returns to 14. No person, except secretary of state, a general assembly ; time to be prescrib
director in more than one bank. ed by the secretary of state.
15. Cashier to publish names of directors. 2. Penalty on president and cashier for 16. Three directors necessary to make a neglect in making returns.
discount. 3. Seeretary to cause an abstract of bank 17. Penalty for not permitting a stockreturns to be printed in schedules.
holder to examine books of the bank. 4. Form of bank returns.
18. Penalty for taking more than six per 5. General assembly or governor may ap cent. interest.
point commissioners to examine any 19. Amount of debts of a bank not to exbank; duties of such commission ceed capital paid in. Penalty for ex
ceeding 6. Penalty for refusing information to 20. Penalty for issuing bills payable exany commissioner.
cept at own banking room. 7. Proceedings against banks, on com- 21. Penalty for issuing bills of less amount
plaint of commissioners to supreme than one dollar. court.
22. Penalty for issuing bills not payable in 8. Same subject.
gold or silver. 9. Same subject.
23. Penalty for passing bills not payable 10. Capital stock of no bank to be reduced
in gold or silver. by division of any part thereof, with. 24. Penalty for fraudulently managing out leave of the general assembly. If reduced by losses, to be filled up with- 25. Penalty for not paying out deposites.
26. Debts due any bank on 5th June, 11. No bank to be removed from town 1836, to be sued for and collected by
where located, or to establish any process then in force. branch.
27. Stockholders' meetings may be called 12. No person to be a director in any bank by one-third in interest of the stockin which he is not a stockholder.
holders of any bank. 13. Secretary of state a director in all 28. Penalties how recovered.
banks in which state owns stock.
in one year.
It is enacted by the General Assembly, as follows :
SECTION 1. Each incorporated bank shall hereafter make to the general assembly semi-annually, at the May and October sessions, and on or before the first Thursday of said sessions respectively, a return of the situation of the said bank, on some one day certain, in the months of April and September of each year; said day to be designated by the secretary of state, subsequent to the day so designated for the returns to be made by the banks; notice of said day to be given to the cashiers of the banks by the secretary of state ; which return shall be in form herein after prescribed ; and the president and cashier, or in case of their inability from sickness or