Kerwin v. Mead
Kerwin v. Mead
Opinion of the Court
Statement of the Case.
This suit' grew out of a dissolution of a copartnership between Homer and Roy Mead, appellees, and W. J. Ker-win, appellant, entered into February 1, 1918. The writing of that date recites that Kerwin was to have a three-fourths interest and each of the Meads a one-eighth interest. On March 1, 1919, by a writing they declare the then status of the partnership to be; Homer and Roy Mead had paid, as per the first partnership agreement, the full value of a one-eighth interest each in the tools and are now the owners thereof. The next writing between the parties recites the former agreements and further recites that Ker-win has purchased and brought into the business ■ additional tools valued at $24,000; that the business had been profitable and the parties wishing to enter into a new agreement (the writing then recites):
“This agreement witnesseth that the parties hereto have entered into a new agreement as follows:
“That, except as hereinafter provided for, the division of wells still drilling, W. J. Kerwin shall have an undivided one-half interest in the profits and assets of said business, and Homer Mead and Roy Mead each shall have an undivided one-quarter interest in said business from the date of this agreement, except that in all wells completed to this date said Meads shall have a one-eighth interest, including the Barnes No. 1 and the Copeland No. 12, both now nearing completion; and in all wells hereafter completed, including the Roper No. 2 and the Terrell No. 12 and the Patterson No. 3, now drilling, said Kerwin shall have an undivided one-half interest and the Meads one-fourth each in the profits thereof.
“That Homer Mead and Roy Mead shall each pay to W. J. Kerwin personally six thousand dollars (a total of $12,000) for an eighth interest each in the 'additional tools and, assets brought into the business by Kerwin from, the date of the original' agreement until May 31, 1919, to date as shown by the books of accounts kept by Jones & King * * * and the bills for assets from May 31, 1919, to date to be paid for by the copartnership.” Signed and dated June 3, 1919.
*678 On August 23, 1919, the partnership was dissolved by agreement in writing which recites (applicable to this appeal) that the Meads, for a consideration of $40,000 paid, the receipt of which is acknowledged, sell to Kerwin all their right, title, and interest in all the physical properties belonging to the copartnership; that Kerwin should take full control of the business, collect outstanding accounts due, and pay to each of the Meads one-quarter' of such moneys as may be collected after the debts had been paid, reserving a lien to secure the payment of any sums not promptly paid over by Kerwin.
Upon the execution of this agreement Kerwin paid to the Meads $28,000 of the $40,000. Tire balance was withheld to await a determination of the status of the accounts between the parties.
October 4, 1919, this suit was filed by the Meads to recover the $12,000 balance of agreed price of the physical properties above noted and for individual profits, all alleged to be due and unpaid under the above contracts, etc.
Defendant pleaded general demurrer, general denial, and specially that all moneys duo under the partnership agreements had been paid.
The cause was tried by the court without a jury, and judgment rendered for plaintiffs, to Roy Mead $5,707.15, and to Homer Mead $8,420.36, and foreclosure of lien, from which Kerwin appeals.
Opinion.
The eighth and ninth assignments charge that the judgment of the court is excessive and contrary to the law and evidence in this :
“The written stipulation under which the partnership of W. J. Kerwin Drilling Company was dissolved and terminated provided that defendant should pay the plaintiffs the sum of forty thousand dollars ($40,000.00) for plaintiffs’ interest in the physical properties and good will of the business of said partnership, and it was expressly ascertained and agreed by and between the parties at the time of such dissolution that plaintiffs were at such time indebted to the firm in the sum of twelve thousand dollars ($12,000.00), and that such sum should be deducted from the agreed value of their interest in said business, $40,000.00, and in pursuance of such agreement the defendant paid plaintiffs the balance, amounting to $28,-000.00, which was in full settlement and satisfaction of the defendant’s obligation to plaintiffs under said contract of dissolution.”
Affirmed.
c&roFor other eases see same topic and KEY-NUMBER in all Key-Numbered Digests amd Indexes
Reference
- Full Case Name
- KERWIN v. MEAD Et Al.
- Cited By
- 2 cases
- Status
- Published