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eBook details

• Title: Cole v. Holton Et Al.
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 06, 1930
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 61 KB

Description

CARROLL, J. The plaintiff in this suit in equity asks that the defendant Holton, hereinafter called the defendant, account to him for $3,000 paid to the defendant under a partnership agreement, and for moneys due under said agreement. On April 7, 1926, the plaintiff and defendant made a contract of partnership, in writing, 'for the general practice of law,' 'to continue indefinitely.' Either partner could terminate the partnership on thirty days' notice. In accordance with the agreement the plaintiff paid the defendant $3,000. It was agreed that this amount was 'to be returned' to Cole by Holton 'if the partnership is terminated to wit: 1. By either partner on December 31st, 1926. 2. By act of Jesse A. Holton at any time before April 7th, 1929. 3. By mutual consent at any time before April 7th, 1929. 4. By death of either partner before April 7th, 1929. 5. By act of Harold E. Cole at any time before December 31, 1927.' It was further agreed that if the partnership was terminated after April 7, 1929, or by act of Cole on or after December 31, 1927, the sum of $3,000 was not to be returned to Cole. The agreement provided for 'a trial period' from April 7, 1926, to December 31 of that year, and if either party desired to withdraw on December 31, 1926, 'all moneys drawn from the partnership income by said Harold E. Cole shall be paid by him to said Jesse A. Holton less the sum of $1,533 which is to be kept out by said Harold E. Cole as compensation for his services during this trial period.' On January 31, 1928, a new partnership agreement was signed by the plaintiff, the defendant and Alexander W. Murray for the practice of law. On March 1, 1928, the three partners began to conduct their affairs under the name of Holton, Murray and Cole. To the new partnership Holton contributed furniture, fixtures and books valued at $1,000, and a two-thirds interest in furniture, books and stationery valued at $100. Murray contributed $825 in cash, and Cole paid $775 in cash and his one-third interest in the furniture, books and stationery valued at $50. A schedule of the personal property belonging to the firm of Holton and Cole is annexed to the partnership agreement of the new firm, showing in detail the property transferred to the firm of Holton, Murray and Cole. Holton was to receive forty per cent. of the profits, Murray and Cole were each to receive thirty per cent. Under the agreement for the first partnership of Cole and Holton, Cole was to receive one third and Holton two thirds of the profits.

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