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GIBBS v. BREED, ABBOTT & MORGAN

227 A.D.2d 196 (1996)

642 N.Y.S.2d 248

Charles F. Gibbs et al., Appellants, v. Breed, Abbott & Morgan, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

May 9, 1996

Under sections 12.5 and 12.12 of Breed Abbott's partnership agreement, withdrawing partners, such as plaintiffs, are entitled to unpaid net profits, paid-in capital contributions, and inventory interests; under section 15.1, these rights terminate upon termination and winding up of the firm, subject to section 15.2; and under section 15.2, these rights were to be protected upon the firm's merger with another firm but were to be...

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