Page:Federal Reporter, 1st Series, Volume 1.djvu/817

 IN EE HAMILTOK. 809 �made, to fix the value of the composition, and utterly impos- sible to know how much it might ultimately realize. So far as it was fixed by the payment of 50 per cent. I bave no doubt the credit should be given, but I apprehend it would be exceedingly difficult even now to say what the property was worth at the time it was turned over, and, upon the theory of the assignee, the amount of credit must be gauged by this value. �We are not at liberty to say that it was 75 per cent., from the fact that 75 per cent, was subsequently realized. If a composition payable ira futuro can ever be allowed as a credit, it must be a composition for a fixed and definite sum. �I think the Bank of Kentucky is entitled to prove one-half of its original claim. �3. As to the claim of William Hughes, trustee. The factS connected with this claim are substantially as f oUows : While Anderson, Hamilton & Co. had charge of the hog product for sale, they shipped lard of the value of about |68,000 to New York, which was done without the knowledge or consent of Swearingen & Biggs. The proceeds of the lard were first charged to Anderson, Hamilton & Co., on the books of the conjoint firm, and were then charged to William B. Hamilton, by his direction, and he received the proceeds of the sale, amounting to the principal of the debt proven. �The account between Anderson, Hamilton & Co. and Swear- ingen & Biggs bas not been settled, but in no event can the creditors of the conjoint firm be paid in fuU, nor will the estate of Hamilton pay on account of claims due by the con- joint firm a sufficient sum to discharge the liability for the lard thus applied to his own use. Hughes, as the trustee of the conjoint firm, now seeks to prove against the individual estate of William B. Hamilton a claim for the property so appropriated. �Section 5121, relating to the bankruptcy of partnerships, provides that "the assignee shall keep separate accounts of the joint stock or property of the copartnership, and of the separate estate of each member thereof ; and, after deducting out of the whole amount received by the assignee the whole of ��� �