Curtis v. Campbell
Kentucky Court of Appeals
336 S.W.2d 355 (1960)
- Written by Kelly Simon, JD
Facts
In 1945, Jeanne Campbell formed a partnership with three other individuals: T. H., Alva, and George Campbell (the surviving partners) (plaintiffs). Upon Campbell’s death, the settlement of the partnership interests was contentious. Ambiguities in the partnership agreement led to disagreements as to the valuation of the deceased partner’s share. The surviving partners filed a lawsuit for a settlement of partnership interests against the Campbell estate (the estate) and the executrix and heir, Neal Smith Curtis (defendants). The surviving partners relied upon a balance sheet created to reflect the value of the partnership at the time of Campbell’s death. Furthermore, the balance-sheet methodology excluded the value of the partnership’s goodwill. The circuit court decided in favor of the surviving partners, and the estate appealed. On appeal, the court considered the fairness of the balance-sheet methodology, which seemed to minimize the value of the partnership by relying on unsubstantiated estimates and questionable deductions.
Rule of Law
Issue
Holding and Reasoning (Clay, Comm’r.)
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