Smith v. Kansas Street Improvement Co.

Citations

• 120 Cal. 517
• 52 P. 811
• 1898 Cal. LEXIS 800

Syllabus

<p>Partnership—Contribution — Liability of Retiring Partner.—In an action by members of a partnership who have paid off all of its obligations, and taken title in themselves to lands covered by contracts of purchase, which had greatly depreciated in value, to have such lands sold, and judgment rendered by way of contribution against other partners in respect of the deficiency, a previous partner who had retired by consent shortly after he had become a partner, can only be charged with his proportion of any loss shown to have occurred on contracts made previous to his withdrawal from the firm, and if there is no specific showing as against him as to what, if any, loss occurred upon the particular contracts then entered into, he cannot be charged with any liability for contribution, and a judgment in his favor will be affirmed.</p>