Reid v. Freed

Citations

• 100 Miss. 48
• 56 So. 278

Syllabus

<p>1. Partnership. Dissolution. Receiver. Accounting.</p> <p>Where two partners, owning timber land and a sawmill, formed a partnership with a third party, who had no capital, but who was to operate the mill, share in the net profits, and account with the owners, and the third partner purchased timber without the consent of the others, operated a store without their consent and at a loss, caused the expenses to be largely in excess of the gross income from the mill, improperly used money furnished by his partners, failed to furnish proper accounts or pay rolls as a basis of settlement with the employees, and refused to deliver up the possession of the mill to his partners, and the two original partners filed a bill in chancery against the third partner praying the appointment of a receiver, the dissolution of the partnership and an accounting between the parties, held, that the partnership should have been dissolved and an accounting had and that a receiver was necessary to administer the business and settle the rights of the parties under the orders of the court.</p> <p>2. Same.</p> <p>Where in such ease the report of the master appointed to take and state an account between the parties is obscure, confused, and so unintelligible that the court cannot pass upon it satisfactorily, the matter of accounting will be referred again for a proper report.</p>