Logourl black

Girard Bank v. Haley

Pennsylvania Supreme Court
332 A.2d 443 (1975)


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

The rule of law is the black letter law upon which the court rested its decision. To access this section, start your 7-day free trial of Quimbee for Law Students.

Issue

The issue section includes the dispositive legal issue in the case phrased as a question. To access this section, start your 7-day free trial of Quimbee for Law Students.

Holding and Reasoning (Pomeroy, J.)

The holding and reasoning section includes:

  • A “yes” or “no” answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

To access this section, start your 7-day free trial of Quimbee for Law Students.