Remick v. Emig

Citations

• 42 Ill. 342

Syllabus

<p>1. Partnership'—dissolution of by death. On the death of a partner, the partnership is, ipso facto, dissolved, and the survivors have no lawful right to expend the money of the firm, however necessary the expenditure may be to the conduct of the business.</p> <p>3. Administrator—7ds silence not to prejudice the estate. And, where the administrator of a deceased partner sees the surviving partners expending the funds of the firm, and does not forbid it, this cannot, as in the case of a person acting in his own right, estop him from resisting a claim growing out of it.</p> <p>3. Partnership affairs—how settled after a dissolution ly death. Upon the dissolution of a partnership by the death of one of the firm, the property is common, to be divided according to the shares of the partners, after the payment of the debts. This property is, first, the stock in trade as originally contributed, with all the additions made to it; second, real estate owned by the company; and third, in certain cases, the “ good will ” of the concern.</p> <p>4 In taking an account between the partners themselves, the state of the stock is to be taken as at the death of the deceased partner, and the proceeds thereof until it is got in, and each partner is to be allowed whatever he has advanced to the partnership, and to be charged with what he has failed to bring in, or has drawn out more than his just proportion. If there be no agreement to the contrary, the partners are to be allowed equal shares of the profits and stock.</p> <p>5. And, where no account of stock was taken at the death of one partner, and by an arrangement with his administrator, the surviving partners carried on the business of the concern for nearly a year, when they rendered an account to the administrator, the proper mode of stating the accounts between the parties is: state the value of the stock as it was at the death of the deceased partner, adding the proceeds thereof up to the time of rendering an account; each part