W. L. Thompson v. R. L. Schmitt

Summary

The Texas Supreme Court answered six certified questions concerning the nature of the Dixie Co-operative Mail Order House and the liability of its certificate holders. It held that the declaration of trust created a partnership and a joint‑stock company, that Texas statutes prohibit limiting partner liability, and that the appellant, as a certificate holder, is liable as a general partner. The Court affirmed the lower court's judgment against the appellant.