[Download] "Park Cities Corporation v. D. Harold Byrd" by The Supreme Court of Texas " Book PDF Kindle ePub Free
eBook details
- Title: Park Cities Corporation v. D. Harold Byrd
- Author : The Supreme Court of Texas
- Release Date : January 18, 1976
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
This suit was brought by the executors of the estate of Mattie Caruth Byrd against Park Cities Corporation. On September 30, 1961 Mrs. Byrd and Park Cities Corporation entered into a limited partnership agreement for the purpose of building, owning and operating a large apartment complex in Dallas, Texas. The limited partnership, called Mattie Caruth Byrd Limited, was to exist until September 30, 2011 unless otherwise terminated under the provisions of the agreement. It was agreed that Mrs. Byrd was to be the managing general partner and Park Cities was to be a limited partner. No additional partners ever existed. On February 12, 1972 Mrs. Byrd died, which effectively dissolved the limited partnership as of that date pursuant to their agreement. Thereafter, a dispute arose between the executors of Mrs. Byrds estate and Park Cities Corporation. The executors of Mrs. Byrds estate brought this suit as an action for declaratory judgment to determine the correct method of winding up the limited partnership previously existent between Mrs. Byrd and Park Cities. In a non-jury trial, the trial court held on all points favorably to the position taken by the executors of Mrs. Byrds estate and denied all relief sought by Park Cities. The court of civil appeals affirmed the judgment of the trial court. 522 S.W.2d 572. The only problem to be resolved is whether or not the $1,987,344 deficit in Mrs. Byrds capital account, created mainly by annual allocation of depreciation losses, is to be treated as an asset of the partnership, and as a liability of Mrs. Byrds. The court of civil appeals held that the deficit was not an asset of the partnership. We disagree.
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