Taylor v. Coffing

• Citation: 1857 WL 5598,18 Ill. 422,8 Peck 422
• Parties: EDMUND D. TAYLORv.CHURCHILL COFFING and JOHN H. COFFING.
• Decision Date: 30 April 1857
• Court: Supreme Court of Illinois

18 Ill. 422
1857 WL 5598 (Ill.)
8 Peck (IL) 422

EDMUND D. TAYLOR
v.
CHURCHILL COFFING and JOHN H. COFFING.

Supreme Court of Illinois.

April Term, 1857.

[18 Ill. 423]

THIS was a bill in chancery, filed by Churchill Coffing and John H. Coffing, against Edmund D. Taylor, in the circuit court of La Salle county, on the 3d day of April, 1856.

The bill sets forth that in the month of December, 1847, Edmund D. Taylor, Isaac D. Harmon, and the orator, Churchill Coffing, entered into copartnership for the purpose of carrying on mercantile and other business at Peru, Illinois. That written articles of copartnership were drawn up and signed by Taylor, Harmon and Churchill Coffing, respectively, and therein it was, among other things, stipulated and agreed that Taylor had furnished $5,000, and Churchill Coffing $10,000, which was the actual amount of capital invested in and furnished for the copartnership; that the copartnership should be conducted under the name of Isaac D. Harmon & Co.; that it should commence on the 1st day of January, 1848, and continue for the term of two years, unless dissolved by mutual consent; and that all profits and losses in said business should be divided and shared equally between said parties.

That Taylor and the orator, Churchill Coffing, did, on or about the 1st day of January, 1848, respectively contribute to the capital of the copartnership the sums of money mentioned in said articles of agreement, and that the same were respectively credited to said parties upon the books of account of said firm.

That Taylor and the orator, Churchill Coffing, after entering into said copartnership, carried on the business of the same until the dissolution thereof, as hereinafter mentioned, during which time the said Isaac D. Harmon drew out of said firm divers sums of money and divers goods, wares and merchandises, for the purpose of erecting a warehouse for the orator, Churchill Coffing, which, together with the sums of money drawn from said firm, in goods and otherwise, by the orator, Churchill Coffing, amounted in the whole to nearly $18,000, and which sum, and the several items composing the same, were charged upon the books of account of the firm to the orator, Churchill Coffing.

That afterward, on the 30th day of September, 1850, the said copartnership was dissolved by consent, and the said Harmon withdrew from the business thereof; that no allowance was made to him for any profits of said firm, and no charges made against him for any losses thereof, and that the business of said firm was thereafter continued by Taylor and Churchill Coffing, without any further written agreement,

[18 Ill. 424]

until the 7th day of March, 1851, when a written agreement was made, and signed by Taylor and Churchill Coffing, a copy of which will be found in 16 Ill. R. 465. That on the 17th day of May, 1851, the deed and defeasance set forth in 16 Ill. R. 458, 459, were executed.

That Taylor and the orator, Churchill Coffing, carried on the business of said firm of Taylor & Coffing until the 27th day of April, 1852, at which time the firm were possessed of a large amount of goods, chattels and merchandise, had divers interests in real estate, and had large sums of money due to them, which was evidenced by divers accounts, notes, books and papers; and owed and were liable for divers large debts and liabilities; whereupon the said Taylor and the orator, Churchill Coffing, on the 27th day of April, 1852, made, executed and entered into the following agreements, under their respective hands and seals, which are set out in 16 Ill. R. 459, 460.

That afterward, on the 28th day of April, 1852, Taylor, in the name of said Taylor & Coffing, caused the said sum of $5,000, mentioned in said agreement, to be indorsed on the deed of conveyance from Churchill Coffing and wife to the firm of Taylor & Coffing, in the words and figures following, to wit:

“RECEIVED, Peru, April 28, 1852, of Churchill Coffing, $5,000, in part payment by settlement of Illinois River Bank matters with E. D. Taylor and said Coffing

TAYLOR & COFFING,

By G. L. TAYLOR.”

And that Taylor received from Coffing the said banking interests, at the said sum of $5,000, which should be charged to said Taylor in account, as so much by him...