Clay v. Mobley

The Broadnax Banking Company, a copartnership composed of S. H. Broadnax and J. C. Broadnax, conducted, prior to January 1, 1927, a private banking business. On said date the partnership was dissolved by mutual consent, J. C. Broadnax withdrawing from the ñrm, and S. H. Broadnax taking over all of the assets and assuming the payment of all the liabilities of the firm. In 1927 S. H. Broadnax became involved financially, and was *549unable to continue in the banking business. On August 25, 1927, in consideration of the sum of $5 and other considerations, he executed a deed conveying various tracts…