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WHITLEY v. KLAUBER

51 N.Y.2d 555 (1980)

In the Matter of Harry T. Whitley, Respondent, v. John L. Klauber et al., Defendants, and Daniel T. Alagna et al., Appellants.

Court of Appeals of the State of New York.

Reargued October 9, 1980.

Decided November 25, 1980.

Attorney(s) appearing for the Case

Neal M. Goldman and Stanley Plesent for appellants.

Richard A. Spellman of the Nebraska Bar, admitted on motion pro hac vice, Irving Payson Zinbarg and Charles A. Scharf for respondent.

Judges JASEN, JONES and SWEENEY concur with Judge MEYER; Judge GABRIELLI dissents and votes to reverse and remit the case for further proceedings in a separate opinion in which Chief Judge COOKE concurs; Judge FUCHSBERG dissents and votes to reverse and reinstate the judgment of Supreme Court in a separate dissenting opinion.

MEYER, J.

When, as part of a plan to dispose of the assets of a limited partnership, all of the general and limited partners sell their interests in the partnership to a corporation in exchange for stock of the purchaser's parent corporation, have the limited partners received a return of their partnership capital within the meaning of subdivision (4) of section 106 of the Partnership Law? If the answer to that...

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