Painter's Executors v. Painter

Citations

• 6 Cal. Unrep. 677
• 66 P. 135

Syllabus

<p>Partnership—Accounting.—Where a Surviving Partner Carried on the firm business with the firm assets until it was terminated by the appointment of a receiver, an accounting should be as of the date of the appointment of the receiver, and a personal judgment against the surviving partner, which merely fixed his liabilities as of the date of the deceased partner’s death, was erroneous.</p> <p>Partnership—Death of Partner.—Where the Assets of a Partnership Dissolved by the death of one of its members were used by a new firm formed by the surviving partner, the old partnership was entitled to a share in the profits of the new firm proportionate to the value of the assets of the old firm used, as compared with the value of the property or services contributed by the new firm; but all the property of the new firm should not be regarded as assets of the old.</p>