Rohrbacher's Estate

Citations

• 168 Pa. 158
• 32 A. 30
• 1895 Pa. LEXIS 770

Syllabus

<p>Partnership — Decedents' estates — Specific performance — Option of survivor to buy deceased partner's estate.</p> <p>Two partners entered into an agreement providing that in the event of the death of either the survivor should have the right to purchase the deceased partner’s interest. The agreement provided that bills receivable should be taken by the survivor at their face value, materials in stock at cost, good accounts at a discount of five, and manufactured articles at a discount of ten, per cent. The agreement then continued: “It is agreed that ail property .... such as lands, buildings (subject to the encumbrances now thereon being three several yearly ground rents) .... stationary fixtures of all kinds .... patterns, plates, wagons, horses, carriages, and all tools .... shall be valued at the sum of Twenty five thousand dollars, and if anyone or all of the said yearly ground rents shall be extinguished or any other premises shall be purchased in the name of the firm .... then said sum of Twenty five thousand dollars shall be increased in amount to the sum expended either in the extinguishment of any or all of the said yearly ground rents or in the purchase of any other premises. And if any portion of the premises in the name of the firm shall be sold or encumbered .... then said sum of Twenty five thousand dollars shall be reduced in amount the sum realized from the Sale or encumbrance thereof.” Held, that the increase provided for was that which would result from the extinguishment of ground rents and the purchase of other premises, but it did not include moneys spent on new buildings and additions and improvements to the plant of the firm.</p>