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.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 174,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.