Freiday & Co. v. State Tax Commission

Herlihy, J. (dissenting).

Unlike Matter of Gaines v Tully (66 AD2d 106), the present record contains substantial evidence to support the finding that the seat is an asset of the partnership. In Gaines the partner-owner at all times retained the absolute title to the seat with only a right to third parties to look to it as security. If there were any doubt as to this asset being an asset of the partnership and subject to its control, the following contract language establishes the practical proprietorship of the partnership: "Messrs. * * * La Frence each agree that he shall not transfer, sell,…