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Dissolution by Operation of Law


DISSOLUTION BY OPERATION OF LAW. The happening of any of the following events cause a dissolution of the partnership: The death of a partner; the marriage of a feme sole partner at common law; the bankruptcy of a partner or his assignment for benefit of creditors; the insanity or lunacy of a partner or his being put under guardianship; and the declaration of war between the countries of Which the partners are citizens. (J. Par sons, Part., Sec. 173; Mechem on Part., Secs. 245-250.) Dissensions arising between the partners of so seri ous a nature as to render the partnership impracticable will furnish ground for a dissolution by a decree of the equity courts. Thus, for fraud of a partner, or mis conduct working irreparable mischief, the court will decree a dissolution. Also for the failure or impossi bility of successfully conducting the business a disso lution may be decreed.

Partners may agree that a death of one of their num ber shall not terminate the partnership, but such an agreement will not be implied. The real firm does not survive. though said to, as the agreement merely op erates to create a new partnership. The executor or administrator of the deceased partner adds a new mem ber to a new firm. See J. Parsons, Part., Secs. 71-75.

partner and partnership