Security State Bank v. McCoy, s. 83-789
| Decision Date | 01 February 1985 |
| Docket Number | 83-790,Nos. 83-789,s. 83-789 |
| Citation | 361 N.W.2d 514,219 Neb. 132 |
| Parties | SECURITY STATE BANK, A Nebraska Banking Corporation, Appellant, v. Marian E. McCOY and Raymond L. Gugelman, A Partnership and Individually, Appellees. SECURITY STATE BANK, A Nebraska Banking Corporation, Appellant, v. Raymond L. GUGELMAN, Appellee. |
| Court | Nebraska Supreme Court |
Syllabus by the Court
Actions: Pleadings: Judgments: Partnerships. If the plaintiff, in any judgment so rendered against any company or partnership, shall seek to charge the individual property of the persons composing such company or firm, it shall be lawful for him to file a bill in equity against the several members thereof, setting forth his judgment and the insufficiency of the partnership property to satisfy the same, and to have a decree for the debt, and an award of execution against all such persons, or any of them, as may appear to have been members of such company, association, or firm.
James E. Doyle of Cook & Kopf, P.C., Lexington, for appellant, and, on brief, Knudsen, Berkheimer, Richardson & Endacott, Lincoln.
Charles J. Cuypers of Sherwood & Cuypers, Oxford, for appellee Gugelman.
The appellant, Security State Bank, brought suit in the district court against the defendants, who were doing business as Antiques Etc., a partnership, and against the individual partners on a series of promissory notes signed on behalf of the partnership by one of the partners, Marian E. McCoy, in favor of appellant. The two cases were consolidated for trial. A summary judgment was granted in favor of the bank against Antiques Etc., and following a trial to the court, a judgment was rendered against the bank and in favor of partner and appellee Raymond L. Gugelman on each of the notes. Marian McCoy filed bankruptcy, and no further proceedings were had against her.
Security State Bank appeals. We affirm, though on grounds different from those relied on by the trial court.
In its suit against the partnership and the partners individually, appellant apparently overlooked Neb.Rev.Stat. § 25-316 (Reissue 1979), which states:
If the plaintiff, in any judgment so rendered against any company or partnership, shall seek to charge the individual property of the persons composing such company or firm, it shall be lawful for him to file a bill in equity against the several members thereof, setting...
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Hartford Acc. and Indem. Co. v. Scarlett Harbor Associates Ltd. Partnership
...suit against the partnership as well as its partners, we recognize that there are cases that say otherwise. See Security State Bank v. McCoy, 219 Neb. 132, 361 N.W.2d 514 (1985) (interpreting local statute); Broom v. Marshall, 284 S.C. 530, 328 S.E.2d Page 273 639, 642-43 (1985). We decline......
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Metco, Inc. v. Huffman
...bringing of a bill in equity against individual partners is a prior judgment against the partnership. § 25-316; Security State Bank v. McCoy, 219 Neb. 132, 361 N.W.2d 514 (1985). See, also, Leach v. Milburn Wagon Co., 14 Neb. 106, 15 N.W. 232 (1883). Security State Bank also holds that the ......
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...Mayfield, 316 P.2d 162 (Okla.1957); McCune & McCune v. Mountain Bell Tel., 758 P.2d 914 (Utah 1988).7 See, e.g., Security State Bank v. McCoy, 361 N.W.2d 514, 515 (Neb.1985) (statute, in existence since 1867, contemplates a prior judgment against the partnership as a condition precedent to ......
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Griffin v. Federal Deposit Ins. Corp.
...are liable to creditors for the full amount of partnership debt after the partnership property is exhausted, Security State Bank v. McCoy, 219 Neb. 132, 361 N.W.2d 514, 515 (1985), Mrs. Griffin had suffered no harm as a result of the misrepresentations. 3 Upon Mrs. Griffin's motion for reco......