PARTOWNERS

1 definition found

From Bouvier's Law Dictionary, Revised 6th Ed (1856) [bouvier]:

  PARTOWNERS. Persons who hold real or personal property by the same title, 
  either as tenants in common, joint tenants, or coparceners. They are 
  sometimes called quasi partners and differ from partners in this, that they 
  are either joint owners, or tenants in common, each having an independent, 
  although an undivided interest in the property; neither can transfer or 
  dispose of the whole property, nor act for the others in relation to it, but 


  merely for his own share, and to the extent of his own several right and 
  interest. 
       2. In joint tenancy of goods or chattels, it is true, the joint tenants 
  are seized per my et per tout; but still each one has an independent, and to 
  a certain extent a distinct right during his lifetime, which he can dispose 
  of and sever the tenancy. 
       3. Tenants in common hold undivided portions of the property by several 
  titles, or in several rights, although by one title. Their possession, 
  however, they hold in common and undivided. Whereas, in partnerships, the 
  partners are joint owners of the property, and each has a right to sell or 
  dispose of the whole, unless otherwise provided for in the articles of 
  partnership. Colly. Partn. 86; Wats. Partn. 66; Story, Partn. Sec. 91. 
       4. At common law, each of the owners of a chattel has an equal title 
  and right to possess and use it; and in the case of common chattels the law 
  has generally left this right to the free discretion of the several owners 
  but in regard to ships, the common law has adopted and followed' out the 
  doctrine of the courts of admiralty. It authorizes the majority in value and 
  interest to employ the ship upon any probable design. This is done, not 
  without guarding the rights, of the minority. When the majority desire to 
  employ a ship upon any particular voyage or adventure, they have a right to 
  do so, upon giving security by stipulation to the minority, if required, to 
  bring back and restore the ship to them, or in case of her loss, to pay them 
  the value of their shares. Abbott, Ship. 70; 3 Kent Com. 151, 4th ed.; 2 
  Bro. Civ. Law, 131; Molloy, B. 2, c. 1, Sec. 3; 2 Pet. Adm. R. 288; Story, 
  Partn. 428 11 Pet. R. 175. When the majority do not choose to employ the 
  ship, the minority have the same right, upon giving similar security. 11 
  Pet. R. 175; 1 Hagg. Adm. R. 306; Jacobi: Sea Laws, 442. 
       5. When part owners are equally divided as to the employment, upon any 
  particular voyage, the courts of admiralty have manifested a disposition to 
  support the right of the court to order a sale of the ship. Story Partn. 
  Sec. 439; Bee's Adm. R. 2; Gilpin, R. 10; 18 Am. Jur. 486.