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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 2, Page 507   View pdf image (33K)
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CONKLING VS. WASHINGTON UNIVERSITY. 507
terest upon these sums of money, or dividends in the place of
interest, but the principal sums themselves, and with regard
to the mode in which the principal sums were to be paid, and
the source from which the money for their payment was to
arise, there is clearly no uncertainty.
The important question, therefore, as it seems to me, is,
whether these plaintiffs who contributed this money, in the
manner, and for the purpose stated in the deed, are to be re-
garded as creditors having a lien on this property, by virtue
thereof, or as partners with the corporation, and, consequently,
in a contestation with regard to the partnership effects, to be
postponed to the claims of creditors.
Upon a careful consideration of the terms of the deed, I can
find nothing in it, which places these contributors, and the cor-
poration in the relation of partners with each other, or among
themselves. It appears to me to have provided- simply for a
loan of certain sums of money for a specified purpose, for the
payment of the interest upon which the lenders were willing
to look to the dividends which might be derived from the prof-
its, to arise from the use of the property, so long as it should
be used for the purpose of medical instruction, with a right to
sell for the repayment of principal and interest, upon the con-
tingency mentioned, in that behalf. It is immaterial in what
form the evidence of the loan was to exist, whether in the
shape of certificates or notes or bonds.
The deed makes no provision for the apportionment of divi-
dends among the contributors and the college; but each sum of
$60 is to receive a dividend in the proportion which it has to the
whole sum advanced. There is no stipulation, then, that the
corporation and the persons who might advance the money to
erect the buildings, should participate in the profits, which
might make them partners; but the profits in the shape of div-
idends are to be divided among the contributors exclusively,
with an agreement, that after the 4th of July, 1845, the corpo-
ration might get clear of the incumbrance upon their property,
by paying off the principal sums. If a partnership had been
designed, or had been at all within the contemplation of the

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 2, Page 507   View pdf image (33K)
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