In 1790, the pursuer lent some money to Love, Davidson, and Co. The debt was secured with a promissory note, which the pursuer had intended to be effective. Around 1792, two of the four shareholders, Andrew Crawford and John Love Senior, decided to transfer their interest in the company. In return of the transfer, the other shareholders agreed to pay all the debts of the company by February 1795. However, Love, Davidson and Co. was dissolved in 1794 and the pursuer had not received his payment by that time. The pursuer brought an action to alter the interlocutor with regards to the company insolvency and debts with the purpose to hold liable the retired shareholders of the promissory note, since he lent his money trusting that his debt was secured by all the shareholders as co-obligants.
Documents in this case (1)
People involved
- John Miliken — Pursuer
- Andrew Crawford — Named in case documents
- William Davidson — Named in case documents
- John Love, Senior — Named in case documents
- John Love, Junior — Named in case documents
- George Tod — Agent, Clerk
- Love, Davidson, and Co. — Named in case documents
Places
In 1790, the pursuer lent some money to Love, Davidson, and Co. The debt was secured with a promissory note, which the pursuer had intended to be effective. Around 1792, two of the four shareholders, Andrew Crawford and John Love Senior, decided to transfer their interest in the company. In return of the transfer, the other shareholders agreed to pay all the debts of the company by February 1795. However, Love, Davidson and Co. was dissolved in 1794 and the pursuer had not received his payment by that time. The pursuer brought an action to alter the interlocutor with regards to the company insolvency and debts with the purpose to hold liable the retired shareholders of the promissory note, since he lent his money trusting that his debt was secured by all the shareholders as co-obligants.
