Parduhn v. Bennett

JACKSON, Judge:

BACKGROUND

¶ 1 On May 23, 1979, Brad Buchi and Glade Parduhn agreed to form an equal partnership under the name University Texaco Company and to conduct a service station business. The partners added a buy-sell *984agreement to the partnership agreement, which provided that “in the event of death of either” partner, the survivor would purchase the decedent’s interest in the “business” and “do with the business as he sees fit.” They also agreed that the buy-out would be funded by the proceeds of life insurance policies on each other’s lives, the premiums of which would be paid by the…