Officer (C. C.) 2 Fed
Categories: Property
Definition (1910 Edition)
640; Pooley v. Driver, 5 Ch. Div. 458; Jones vy. Fegely. 4 Phila. (Pa.) 1.—Liquidating partner. The partner who, upon the dissolution or insolvency of the firm, is appointed to settle its accounts, collect assets, adjust claims, and pay debts —Nominal partmer. One whose name appears in connection with the business as a member of the firm, but who has no real interest in it.—Ostensible partner. One whose name appears to the world as such, or who is held out to all persons having dealings with the firm in the character of a partner, whether or not he has any real interest in the firm. Civ. Code i § 1889.—Quasj partners. Partners of ands, goods, or chattels who are not actual partners are sometimes so called. Poth. de Société, App. no. 184.—Silent partner, sleeping partner. Popular names for dormant partners or special partners.—Special partmer. A member of a limited partnership, who furnishes certain funds to the common stock, and whose liability extends no further than the fund furnished. A partner whose responsibility is restricted to the amount of his investment. 8 Kent, Comm. 34.—Surviving partner. The partner who, on the dissolution of the firm by the death of his copartner, occupies the position of a trustee to settle up its affairs.
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
UK commentary and modern updates are original additions. This entry is for educational
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