Surviving partners, members of his family sought to exercise an option contained in the partnership deed for the purchase of his interest in the farm. The deed had set the value as that appearing in the last previous farm accounts, but required a balance sheet to be drawn. The farm had been shown in the accounts at its historic purchase cost, and failed to reflect its current value. Other members of the family sought to use the market value.
Held: Each partnership deed must be construed in its own context. The parties had not focused on the question when the accounts had been drawn, and the use of the historical value was a mere convenience. The deed required a balance sheet to be drawn up, and that indicated that an open market value was appropriate.
Judges:
Jules Cher QC
Citations:
Gazette 21-Feb-2002, Gazette 28-Feb-2002
Jurisdiction:
England and Wales
Company
Updated: 21 June 2022; Ref: scu.167651
