G & S Investments v. Belman
Arizona Court of Appeals, Division 2
145 Ariz. 258, 700 P.2d 1358 (1984)
G & S Investments (plaintiff) and Thomas Nordale (defendant) were two of four partners in an enterprise to own and operate an apartment building. The partnership agreement stated that in the event of the death or disability of one of the partners, the remaining partners may continue the business, but that if the partners continued the business, they must buy out the departing partner using a formula based on the partner’s capital account and the partnership’s profits. Nordale, who lived in one of the apartments, became erratic and unreliable starting in 1979, accosting renters and insisting on business decisions with which the other partners disagreed. G & S Investments filed suit to dissolve the partnership and buy out Nordale’s interest. Nordale passed away soon after the suit was filed, and his estate continued the suit. Nordale argued that his capital account should be calculated by reference to the fair market value of the assets of the partnership. G & S Investments argued that the capital account should be calculated on a cost basis. The trial court held that the capital account must be calculated on a cost basis, and Nordale’s estate appealed.
Rule of Law
Holding and Reasoning (Howard, J.)
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