Bispham v. Price - 56 U.S. 162 (1853)
U.S. Supreme Court
Bispham v. Price, 56 U.S. 15 How. 162 162 (1853)
Bispham v. Price
56 U.S. (15 How.) 162
In the settlement of complicated partnership accounts by means of an arbitrator, Bispham was charged with one-half of certain custom house bonds, which Archer, the other partner, was liable to pay, and which obligations had been incurred on partnership account.
There was a reservation in the settlement as to certain liabilities, but this one was not included.
Archer's estate was afterwards exonerated from the payment of these bonds by a decision of this Court, reported is 50 U. S. 9 How. 83.
A bill cannot be brought by Bispham against Archer's executor to refund one-half of the amount of the bonds upon the ground that Archer had never paid it.
The reference to an arbitrator was lawful, and his award included many items which were the subject of estimates. It was accepted as perfectly satisfactory, and acquiesced in as such until long after the death of Archer.
No fraud or mistake is charged in the bill, and if an error of judgment occurred, by which the chance was overrated that the custom house bonds would be enforced against Archer, this does not constitute a ground for the interference of a court of equity.
The statute of limitations also is a bar to the claim.
The facts in the case are very fully stated in the opinion of the Court.