The plaintiff and X, now deceased, entered into a partnership agreement whereby each was given the option, upon the death of the other, to wind up the partnership affairs according to law or to purchase the deceased's interest. On X's death, plaintiff exercised the option to purchase. In this suit plaintiff seeks to have a certain agreement construed as a deed and to quiet title. Defendants, as legal representatives of X, answered and filed cross bills claiming a lien on all partnership assets or decedent's partnership interest for the balance due on the purchase price. Defendants allege that the language of the agreement contemplated the creation of such a lien. From a judgment for the plaintiff, defendants appeal. Held, affirmed. The language of the agreement did not show an intent to charge the property as security for the obligation. Wiltse v. Schaeffer, (Mich. 1950) 42 N. w. (2d) 91.
Thomas P. Segerson,
CONTRACTS-EQUITABLE LIEN ON PARTNERSHIP ASSETS,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol49/iss4/12