Rogers v. Ownbey

In 1928 appellant and the late W. Gr. Ownbey became owners as partners of a drug store in Fayetteville, Arkansas, later called the Quaker Drug Store. The capital investment was $9,000, of which appellant owned two-ninths and Ownbey seven-ninths interest. The firm carried for its benefit a policy of life insurance in the sum. of $5,000 on the life of Ownbey who died, leaving surviving him his widow and two children as his only heirs at law. They succeeded to his seven-ninths interest in said drug store, and thereafter entered into a new partnership agreement with appellant, in which it was…