Calvin Johnson and Rudi Basecke did business as the Stockton Cheese Co., a partnership, which owned a

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Calvin Johnson and Rudi Basecke did business as the Stockton Cheese Co., a partnership, which owned a building and equipment. The partners agreed to dissolve the partnership but never got around to completing the winding-up process. Calvin continued to use the building and to pay insurance on it but removed Rudi's name as an insured on the policy. When the building was later destroyed by fire, Calvin claimed the proceeds of the fire insurance policy because he and his wife were the named insureds on the policy and they had paid the premiums. Rudi claimed that although the partnership was dissolved before the fire, the winding up of the partnership was not completed at the time of the fire. He therefore claimed that he was entitled to half of the net proceeds of the policy. Decide.
[State Casualty v. Johnson, 766 S.W.2d 113 (Mo. App.)]

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Andersons Business Law and the Legal Environment

ISBN: 978-1133587583

22nd edition

Authors: David P. Twomey, Marianne M. Jennings

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