71 S.E. 974 (S.C. 1911), Kennedy v. Hill
|Citation:||71 S.E. 974, 89 S.C. 462|
|Opinion Judge:||WOODS, J. PER CURIAM.|
|Party Name:||KENNEDY et al. v. HILL.|
|Case Date:||July 24, 1911|
|Court:||Supreme Court of South Carolina|
On Rehearing, September 6, 1911.
Appeal from Common Pleas Circuit Court of York County; J. C. Klugh, Judge, and Ernest Moore, Special Judge.
"To be officially reported."
Suit by Chris L. Kennedy and another against W. L. Hill, for dissolution and settlement of the firm of Hill, Kennedy & Co. From a decree settling the account and providing a scheme for dissolution, both parties appeal. Modified and affirmed.
In this action for the dissolution and settlement of a partnership between the plaintiffs and the defendant, a receiver was appointed on account of irreconcilable differences and disputes between the partners, and the assets are now in his hands. The questions to be determined relate to the distribution of the assets between the plaintiffs and the defendant. The record contains two reports of Mr. J. Lyles Glenn as referee, decrees by Judge Klugh and Special Judge Moore, and numerous exceptions to these reports and decrees. We shall not state the various steps in the protracted litigation, nor refer in detail to the many exceptions, for the reason that it is conceded on all sides that the rights of the parties and the method of stating the accounts depend on the construction of the partnership contract.
Before the partnership was formed the defendant had been conducting a mercantile business at Sharon for about[89 S.C. 464] 15 years. The plaintiffs Chris L. Kennedy and Porter B. Kennedy, under the firm name of Kennedy Bros., had been engaged in the mercantile business at the same place for about 3 years. The two concerns were merged into a new partnership, and a formal written agreement was signed on June 14, 1906, in which it was recited that the partnership had been actually formed on May 20, 1903. The following provisions of the partnership contract bear upon the questions at issue:
"Life of partnership: The partnership is to expire by its own limitation on the 1st day of January, 1907; provided, that it shall be incumbent upon the member or members desiring a dissolution of the partnership at that time to give written notice, not less than thirty days prior to the 1st day of January, of such desire; and the effect of the failure to give such notice shall be to extend the life of the partnership for one year; and so, from year to year, the partnership may be dissolved on any 1st day of January, commencing with January of 1907, by the giving
of such written notice, by any one or more of its members, thirty days prior to the 1st day of January, the failure to give such notice to result in extending the life of the partnership for one year.
"Capital stock: The capital stock of the firm is to be one hundred and five thousand dollars. ***
"Division of profits: The profits and losses are to be equally divided. W. L. Hill has contributed eighty thousand dollars to the capital stock, and C...
To continue readingFREE SIGN UP