B-OK, Inc. v. Storey

This appeal puts in issue the nature of a partnership creditor’s rights under a partnership dissolution agreement wherein the remaining partner assumes the partnership debts.

Prior to April 30, 1962, Earl Storey and William E. Sto-rey were partners carrying on a petroleum products distribution business under the trade name of “Storey Distributing Company.” The partnership became indebted to plaintiff in the amount of $3,515.80. On April 30, 1962, the partners executed a partnership dissolution agreement, by terms of which Earl Storey agreed to “discharge all obligations and liabilities of said…