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Bland's Reports, Chancery Court 1809-1832
Volume 201, Volume 3, Page 675   View pdf image (33K)
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THE CAPE SABLE COMPANY'S been clothed with this new capacity, it is declared, that nothing
therein contained should exempt any member, or members of the
company from any liability in his, her, or their individual capacity
for or on account of any contract or contracts theretofore made.
Hence it is manifest, that their liabilities in their natural capaci-
ties, as the association of Richard Caton, John Gibson and others,
were to be in no way impaired, or in any manner blended with
those of their new and artificial one called The Cape Sable Com-
pany. The two being absolutely distinct, and being intended to be
kept entirely so. The contracts of the association separately or of
the association together with their partners Lechleitner and Troost,
could have, of themselves, no connexion whatever with those of
The Cape Sable Company, (d) And besides this body politic, as t
new and artificial stranger, could not be intruded upon Lechleitner
and Troost as a partner in place of the association of Richard Ca-
ton, John Gibson and others, with whom they had connected them-
selves. It is not only an artificial stranger to the partnership
formed under the deed of the 25th of September, 1813; but it is a
corporation of a very peculiar and limited character. It cannot
dissolve itself, or dispose of or mortgage its property, or engage in
any other manufactory, except that of alum and copperas, without
the consent of three-fourths of the stockholders holding three-
fourths of the shares; whence it is evident, that it would be im-
practicable to introduce this body politic as a substitute for the
association constituted of Richard Caton, John Gibson and others,
and to place it in the same position which that association occu-
pied according to the terms of the contract between that association
and Lechleitner and Troost; (e) and therefore the partnership must
be considered as having been dissolved on the 5th day of April,
1819, when all the rights and interests of the association were
regularly transferred to the body politic.
There is no proof of any contract of partnership between Lech-
leitner and Troost, or either of them, and The Cape Sable Company,
after that day; or of that company's ever having assumed upon
themselves the payment of any debt due from the association to
Lechleitner and Troost, or either of them; and consequently, so
much of these claims as originated before the organization of The
Cape Sable Company; and which is not founded on any express or
(d) 1 Fonb. Eq. 308; Dance v.. Girder, 1 New Rep. 35. (e) Marquand v. The
New York Manufacturing Company, 17 John, 525.


 
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Bland's Reports, Chancery Court 1809-1832
Volume 201, Volume 3, Page 675   View pdf image (33K)
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