Betts v. Brundidge

In 1917 A. L. Betts and J. P. Brundidge were partners in the cotton business, and remained so until November 8, 1918, when the partnership was dissolved by mutual agreement; Brundidge agreeing that the cotton on hand, which was the principal asset, should be valued at thirty-two cents a pound, and Betts agreeing that he would take over the business of the partnership and, when the liabilities were ascertained and deducted from the assets, he would pay to Brundidge one-half of the value of the assets over the liabilities. The bookkeeper of the concern made a statement of its affairs, and a…