This section is from the book "Popular Law Library Vol8 Partnership, Private Corporations, Public Corporations", by Albert H. Putney. Also available from Amazon: Popular Law-Dictionary.
Among these powers, the following are usual: The purchase and sale of property; the transfer of property in payment of debts; the pledge and mortgage of personal property to secure partnership creditors;5 the perfecting of a mechanic's lien; the drawing of checks, notes and contracts, and the signing of the firm name to the same, or, if there is no firm name, the signing of the individual partner's names to the same; the compromise and discharge of debts and the signing and sealing of a release for the same; the acknowledgment of a debt, but not after dissolution, when barred by the statute of limitations; the engagement of servants and agents; the employment of an attorney; the taking but not the giving of a lease;6 in real estate business the execution of a bond for title; the insurance of property.
1 Todd vs. Jackson, 75 Ind., 272; Harris vs. Baltimore, 73 Md., 22; 25 Am. St. Rep., 565; Crasswell vs. Lehman, 54 Ala., 363; Sargent vs. Henderson, 79 Ga., 268; Davis vs. Wiley, 3 Ky. L. Rep., 315; Faler vs. Jordan, 44 Miss., 283.
2 Smith vs. Collins, 115 Mass., 388.
3 Cutler vs. Thomas, 25 Vt., 73.
4 Midland Nat. Bank vs. Schoen, 123 Mo., 650; Hymes vs. Weld, 91 Ga., 742.
5 Richardson vs. Lester, 83 III., 55; Letts vs. McMaster, 83 Iowa, 499; Keck vs. Fisher, 58 Mo., 532; Clay vs. Greenwood, 35 Neb., 736.