Home >> Cyclopedia-of-law-vol-4 >> Acceptance Necessary To Complete to Partners Ex Emption >> Equity



EQUITY. "The court of equity is the chief and appropriate tribunal for the settlement of all controversies growing out of part nership transactions as such. Its principal function is in winding up the partnership affairs and arriving at the respective interests therein of the partners and creditors, but its aid may often be sought in other mat ters." (Mechem on Part., Sec. 148.) A court of equity will in proper cases specifically en force stipulations between the partners, but will seldom enforce the specific performance of an agreement to form a partnership. (Morris v. Peckham, 51 Conn. 128; Somerby v. Buntin, 118 Mass. 279.) Equity courts will also grant injunctions to protect a partner against injurious acts of his copartners, either before or pending or after dissolution of the partner ship. And upon good grounds a receiver will be ap pointed to wind up the partnership affairs upon disso lution, or before dissolution, if the assets are being dis sipated. (Word v. Word, go Ala. 81; Shannon v. Wright, 6o Md. 52o.) Equity courts also allow an accounting before disso lution to adjust demands and claims between partners, in a few cases: As, 1. Where one partner has withheld from his copartners the profits arising from some se cret transaction. 2. Where the partnership is for a term of years, and one partner has sought to exclude or expel his copartner or drive him to a dissolution. 3. Where the pattnership has failed, the partners are numerous, and a limited account is best for all. 4. Where the partnership articles provide for accountings at stated intervals. (Lindley on Part. (Ewell's ed.) 495; Mechem on Part., Sec. 153.)

partnership and partner