Finley v. Gilmore

Citations

• 107 Kan. 349
• 191 P. 256
• 1920 Kan. LEXIS 75

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. Partnership — Liquidation of the Business Intrusted to One Partner- — • Accounting and Settlement Between Partners. Where by agreement of two partners their partnership business is turned over to one of them for the purpose of settling its outstanding liabilities and collecting its claims and accounts and winding up its affairs, a cause of action will lie on behalf of the liquidating partner against the retiring partner for the latter’s share of the ascertained liabilities of the partnership which have been paid by the liquidating partner.</p> <p>2. Same — Action for Accounting — Limitation of Action. Under the circumstances stated in the first paragraph of the syllabus, the statute of limitations does not begin to run until the business has been wound up by the liquidating partner and the liability of the retiring partner ascertained.</p>