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654 THE CAPE SABLE COMPANY'S CASE.
Gerard Troost, co-partners with the said Richard Caton and others;
and with The Cape Sable Company since its incorporation; and as
such their claims for capital on additional advances, should be
postponed to the claims of the mere creditors of the company.
And, as a consequence, the said Lechleitner and Troost are per-
sonally liable for all contracts and engagements entered into by the
company in furtherance of the objects of the association.
The auditor distinguished the claims of the said Lechleitner and
Troost for capital from their claims for additional advances; be-
cause the distinction was made by the said Lechleitner in his own
statements; and was recognized by the books of the company. But
the agreement of the 25th of September, 1813, to which the auditor
referred, converts all advances of the said Lechleitner and Troost,
until profits were made sufficient to meet disbursements, into capi-
tal, and provides for their reimbursements as capital. The aforesaid
claims are therefore to be treated as the claims of co-partners for
capital advanced to the common stock.
The aforesaid agreement provides for a distribution of partner-
ship property in the event of a dissolution; which was operated by
a decree in this case. But as, in the auditor's opinion, the concern
is insolvent and inadequate to the payment of debts, the auditor
supposed it was unnecessary to attempt an adjustment of the
claims of the partners. The claim of P. G. Lechleitner was
stated, because it was filed and insisted on as a claim of a creditor.
The auditor's report was intended to exhibit the facts on which
the claim was founded, and the equities which might be supposed
to arise thereout, considered as the claim of a creditor. But the
auditor submits, that his said report does not admit the said Lech-
leitner as a creditor to any amount whatever.
After which, on the application of the defendant Oliver, it was,
on the 9th of May, 1832, Ordered, that the auditor's reports and
the exceptions thereto stand for hearing on the 8th of June follow-
ing; provided a copy of the order be served on the exceptants, or
their solicitors, on or before the 20th instant. And copies having
been served accordingly, the matter was afterwards brought before
the court.
18th August, 1832. —BLAND, Chancellor. —This case standing
ready for hearing on the auditor's reports, and the exceptions
thereto; and the solicitors of some of the parties having been
heard, and the notes of the solicitors of some others of them having
been read, the proceedings were read and considered.
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