Partnership Agreement Case Study Example | Topics and Well Written Essays - 1000 words

Partnership Agreement - Case Study Example Except as Otherwise determined, all decisions shall be made by the partners whose capital accounts total a majority of the value of the capital accounts of all the partners 11. Bank Account. The partnership may select a bank for the purpose of opening a bank account. Funds in the bank account shall be withdrawn by checks signed by any partner designated by the partnership. 14. Transfers to a Trust. A partner may, after giving written notice to the other partners, transfer his/her interest in the partnership to a revocable living trust of which he/she is the grantor and sole trustee. 17. Voluntary Withdrawal (Partial or Full) of a Partner. Any partner may withdraw apart or all of the value of his/her capital account in the partnership and the partnership shall continue as a taxable entity. The partner withdrawing a portion or all of the value of his/her capital account shall give notice of such intention in writing to the Recording Partner. Written notice shall be deemed to be received as of the first meeting of the partnership at which it is presented. if written notice is received between meetings it will be treated as received at the first following meeting. In making payment, the value of the partnership as set forth in the valuation statement prepared for the first meeting following the meeting at which written notice is received from a partner requesting a partial or full

The Luton Bank Case Essay Example | Topics and Well Written Essays - 1000 words

The Luton Bank Case - Essay Example In 1996 the bank appointed receivers in relation to the properties which were then sold over an 18 month period. The mortgagors complained that the properties had been sold at an undervalue and claimed that: 1) in some cases a far better price would have been obtained had the receivers or mortgagees first obtained planning permission for development. Planning permission had previously been sought but the receivers decided not to wait for it to be granted before selling; 2) in other cases a better price would have been obtained had possible leases of the vacant properties been completed before sale. (see MacKenzie and Phillips, 2008, pg 477). In deciding the case the Court of Appeal considered the duties owed by mortgagees in these circumstances. Several duties were highlighted, which will now be considered in turn. Firstly, a mortgagee in possession must take reasonable care of the premises (Downsview Nominees Ltd v First City Corporation Ltd (No.1) [1993] AC 295). Secondly, it must be remembered that a mortgagee is not a trustee of his powers. This means that the mortgagee may sell whenever he chooses and does not have to have regard to whether a different time may be more beneficial to the mortgagor (Raja v Austin Gray (a firm) [2002] EWCA Civ 1965). In this case, therefore, the bank does not need to wait until the property market has recovered before they can sell the property (Gray and Gray, 2007, pg 534. The mortgagee is also under no duty to improve the position of the property before selling, but may instead sell it ‘as is’.