Girard Bank v. Haley
Pennsylvania Supreme Court
332 A.2d 443 (1975)
- Written by DeAnna Swearingen, LLM
Facts
Anna Reid entered into a partnership on September 28, 1958 with Haley and others to lease real property for profit. On February 10, 1971, Reid sent a letter to the partners terminating the partnership. The partners could not agree on the liquidation of assets and partnership rights, and a suit was filed requesting the winding up of the partnership’s business. Reid died. The chancellor concluded that the partnership was terminated by Reid’s death, and the remaining partners were entitled to the option to purchase Reid’s interests under the terms of the partnership agreement. The chancellor found the other partners had exercised the option and entered a decree nisi requiring the surviving partners to pay Reid’s estate nearly $30,000 and 70 percent of the following year’s partnership income for Reid’s interest. The executors’ exceptions were dismissed. The executors appealed to the Pennsylvania Supreme Court.
Rule of Law
Issue
Holding and Reasoning (Pomeroy, J.)
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