Abandon ment termi. nates mas SEC. 2378. When a ship, whether foreign or domestic, is seriously injured, or the voyage is otherwise broken up, beyond the possibility of pursuing it, the master. in case of necessity, may sell the ship without instructions. from the owners, unless by the earliest use of ordinary means of communication he can inform the owners, and await their instructions. N. Y. C. C., Sec. 1274. SEC. 2879. The master of a ship may sell the cargo, if the voyage is broken up beyond the possibility of pursuing it, and no other ship can be obtained to carry it to its des tination, and the sale is otherwise absolutely necessary. N. Y. C. C., Sec. 1275. SEC. 2380. The master of a ship, in case of its capture, may engage to pay a ransom for it, in money or in part of the cargo, and his engagement will bind the ship, freightage and cargo. N. Y. C. C., Sec. 1276. SEC. 2381. The power of the master of a ship to bind its owner, or the owners of the cargo, ceases upon the ter's power. abandonment of the ship and freightage to insurers. Personal liability for contracts concerning the ship. Liability for acts of per sons em N. Y. C. C., Sec. 1277. SEC. 2382. Unless otherwise expressly agreed, or unless the contracting parties give exclusive credit to the owner, the master of a ship is personally liable upon his contracts relative thereto, even when the owner is also liable. N. Y. C. C., Sec. 1278. SEC. 2383. The master of a ship is liable to third persons for the acts or negligence of persons employed in its ployed upon navigation, whether appointed by him or not, to the same extent as the owner of the ship. the ship. Responsbility for negligence of pilot. N. Y. C. C., Sec. 1279. SEC. 2384. The owner or master of a ship is not responsible for the negligence of a pilot whom he is bound by law to employ; but if he is allowed an option between pilots, some of whom are competent, or is required only to pay compensation to a pilot, whether he employs him or not, he is so responsible to third persons. N. Y. C. C., Sec. 1280. ARTICLE IV. SHIPS' MANAGERS. SECTION 2388. What powers manager has. 2389. What powers he has not. SEC. 2388. A ship's manager has power to make contracts requisite for the performance of his duties as such; to enter into charter parties, or make contracts for carriage; and to settle for freightage and adjust averages. N. Y. C. C., Sec. 1281. SEC. 2389. Without special authority, a ship's manager cannot borrow money, or give up the lien for freightage, or purchase a cargo, or bind the owners of the ship to an insurance. N. Y. C. C., Sec. 1282. What pow. has. ers manager What pownot. ers he has TITLE X. PARTNERSHIP. CHAPTER I. PARTNERSHIP IN GENERAL. II. GENERAL PARTNERSHIP. III. SPECIAL PARTNERSHIP. CHAPTER I. PARTNERSHIP IN GENERAL. ARTICLE I. WHAT CONSTITUTES A PARTNERSHIP. II. PARTNERSHIP PROPERTY. III. MUTUAL OBLIGATIONS OF PARTNERS. IV. RENUNCIATION OF PARTNERSHIP. ARTICLE I. WHAT CONSTITUTES A PARTNERSHIP. SECTION 2395. Partnership, what. 2396. Ship owners. 2397. Formation of partnership. Partnership, what. Ship owners. Formation of partnership. SEC. 2395. Partnership is the association of two or more persons, for the purpose of carrying on business together, and dividing its profits between them. N. Y. C. C., Sec. 1283. SEC. 2396. Part owners of a ship do not, by simply using it in a joint enterprise, become partners as to the ship. N. Y. C. C., Sec. 1284. SEC. 2397. A partnership can be formed only by the consent of all the parties thereto, and therefore no new partner can be admitted into a partnership without the consent of every existing member thereof. N. Y. C. C., Sec. 1285. Partnership property, what. Partners interest in ARTICLE II. PARTNERSHIP PROPERTY. SECTION 2401. Partnership property, what. 2402. Partners' interest in partnership property. 2403. Partners share in profits and losses. 2404. When division of losses implied. 2405. Partner may require application of partnership property to payment of debts. 2406. What property is partnership property by presumption. SEC. 2401. The property of a partnership consists of all that is contributed to the common stock at the forma tion of the partnership, and all that is subsequently acquired thereby. Code Napoleon, Art. 1839; N. Y. C. C., Sec. 1286; aecords with Duprey vs. Leavenworth (17 Cal., 262) and Collumb vs. Read (24 N. Y., 505). SEC. 2402. The interest of each member of a partner partnership ship extends to every portion of its property. property. Partners share in profits and losses. N. Y. C. C., Sec. 1287; Blacks. Com., 182; Mabbett vs. SEC. 2403. In the absence of any agreement on the subject, the shares of partners in the profit or loss of the business are equal, and the share of each in the partnership property is the value of his original contribution, increased or diminished by his share of profit or loss. N. Y. C. C., Sec. 1288. SEO. 2404. An agreement to divide the profits of a business implies an agreement for a corresponding division of its losses, unless it is otherwise expressly stipulated. N. Y. C. C., Sec. 1289. NOTE. This settles what has been heretofore a doubtful proposition. When diviimplied sion of losses Partner may plication I require ap SEC. 2405. Each member of a partnership may require Chase vs. Steel, 9 Cal., 64; Burpee vs. Bunn, 22 Cal., partnership property to payment of What property is part SEC. 2406. Property, whether real or personal, acquired with partnership funds, is presumed to be partnership nership property. N. Y. C. C., Sec. 1291; Collumb vs. Read, 29 N. Y., 505; property by presumption ARTICLE III. MUTUAL OBLIGATIONS OF PARTNERS. SECTION 2410. Partners trustees for each other. 2411. Good faith to be observed between them. trustees for SEC. 2410. The relations of partners are confidential. Partners They are trustees for each other within the meaning of each other. Chap. I of the Title on Trusts, and their obligations as such trustees are defined by that chapter. N. Y. C. C., Sec. 1292. SEC. 2411. In all proceedings connected with the formation, conduct, dissolution and liquidation of a partnership, every partner is bound to act in the highest good. faith towards his copartners. He may not obtain any advantage over them in the partnership affairs by the slightest misrepresentation, concealment, threat or adverse pressure of any kind. N. Y. C. C., Sec. 1293. Good faith to be observed between them. Mutual liability of partners to account. No compen. sation for services to firmi. SEO. 2412. Each member of a partnership must ac count to it for everything that he receives on account thereof, and is entitled to reimbursement therefrom f.r everything that he properly expends for the benefit thereof, and to be indemnified thereby for all losses and risks which he necessarily incurs on its behalf. N. Y. C. C., Sec. 1294. SEC. 2413. A partner is not entitled to any compensation for services rendered by him to the partnership. N. Y. C. C., Sec. 1295. NOTE.-An agreement may be made for compensation to be paid a member of the partnership for his services, but without such special agreement he is not entitled to compensation, hence the general rule is as stated in the text. ARTICLE IV. Renuncia. tion of future profits exonerates from liability. Effect of renunciation. RENUNCIATION OF PARTNERSHIP. SECTION 2417. Renunciation of future profits exonerates from liability. 2418. Effect of renunciation. SEC. 2417. A partner may exonerate himself from all future liability to a third person, on account of the partnership, by renouncing, in good faith, all participation in its future profits, and giving notice to such third person, and to his own copartners, that he has made such renunciation; and that, so far as may be in his power, he dissolves the partnership and does not intend to be liable on account thereof for the future. N. Y. C. C., Sec. 1296. SEC. 2418. After a partner has given notice of his renunciation of the partnership he cannot claim any of its subsequent profits, and his copartners may proceed to dissolve the partnership. N. Y. C. C., Sec. 1297. |