(New Zealand) Brothers were partners. One died and the other, wrongly believing himself entitled to do so under an agreement to purchase his brother’s share, made a payment to his brother’s estate of the purchase price for that share which he thought to be due and thereafter treated the business as his own.
Held: There was no agreement to purchase. The deceased brother’s estate was entitled to the profits attributable to the share of the deceased brother in the partnership assets, but that the size of the share was to be reduced by the reason of the payment made.
Judges:
Stringer J
Citations:
[1924] NZLR 1065
Cited by:
Cited – Hardip Singh Gill v Kulbir Singh Sandhu ChD 26-Jan-2005
The partnership had been dissolved. It had involved conversion of a property to be run as a nursing home. The claimant was to manage the home, and the profits would be used first to pay him a salary, and then to be divided equally. When wound up . .
Lists of cited by and citing cases may be incomplete.
Commonwealth, Company
Updated: 13 May 2022; Ref: scu.222923
