Putnam v. Shoaf
Court of Appeals of Tennessee
620 S.W.2d 510 (1981)
Putnam owned a half partnership interest in the Frog Jump Gin Company (Frog Jump). All the assets of Frog Jump were held in the name of the partnership. As Frog Jump’s debts increased over time, Putnam decided to sell her partnership interest and get out of the business. The Shoafs (defendants) agreed to purchase Putnam’s partnership interest, thereby assuming all her personal liability and partnership debts, by paying $21,000 into the partnership account. Putnam conveyed her partnership interest to the Shoafs by a quitclaim deed, including Putnam’s interest in the personal and real property associated with Frog Jump. After the Shoafs acquired Putnam’s interest in Frog Jump, it was discovered that a bookkeeper had been embezzling from Frog Jump. Frog Jump sued the bookkeeper and banks that honored checks the bookkeeper had forged. Putnam intervened in the lawsuit, claiming she was entitled to half of any amount recovered by Frog Jump. The trial court awarded $68,000 to Frog Jump. Putnam died during the litigation. Putnam’s estate (Putnam Estate) (plaintiff) sued the Shoafs for half of the $68,000, contending that because Putnam had a half interest in the partnership when the banks honored the Bookkeeper’s forged checks, Putnam is entitled to the disputed amount.
Rule of Law
Holding and Reasoning (Nearn, 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 160,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,700 briefs, keyed to 186 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.