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Business Organizations Keyed to Ragazzo
Hunt v. Rousmainer’s Administrators
Citation:21 U.S. (8 Wheat.) 174
Plaintiff loaned money to Rousmanier in exchange for promissory notes. In addition, Rousmanier offered an interest in two ships as collateral security for the notes. Lawyers advised both parities that a power of attorney was better and could substitute as a security interest. Rousmanier died shortly after the loan agreements were executed and his debt remained unpaid. Plaintiff attempted to sell some of his property but Defendant (his administrator) refused the sale. Plaintiff brought suit to compel the administrators to sell. The Defendants demurred and the bill was dismissed. The creditor appealed.
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