Lane v. Phillips

KEITH, Justice.

The appeal is from a judgment which ordered an accounting in the dissolution of a joint venture for the purchase and development of a large tract of land and we will designate the parties as they appeared in the trial court. 1

The joint venture, which is the subject of this litigation, was known as the “Sterling Holloway Trust,” created by a written instrument dated December 13, 1971. The respective interests of the joint venturers were Holloway, 50 percent; Harvey H. Lane, Jr., 25 percent; and Robert O. Phillips and wife, 2 jointly, 25 percent.

The purpose of the joint venture…