Partnership – Articles. – In the articles of copartnery of the Douglas, Heron, and Co.’s Banking Company, it was provided that the heirs and executors of a deceasing partner should be obliged to receive and draw his share in the stock and profits thereof, as the same should be ascertained by the last balance struck immediately preceding his death. The last balance was struck in November 1771. The appellant’s brother died in October 1772; but in June 1772, the Company had become insolvent. In an action raised by the appellant, held that the clause of the contract could not apply to the circumstances of this case, in respect the Company had become bankrupt several months before Mr Blair’s death.
Citations:
[1777] UKHL 6 – Paton – 796, (1777) 6 Paton 796
Links:
Jurisdiction:
Scotland
Company
Updated: 08 September 2022; Ref: scu.562008