Partnership – Dissolution on Death – Right of Representatives of the Deceased Partner to Share in Good Will

Plaintiff sought a judgment against the administrator of his deceased partner to compel the conveyance of the deceased’s one-half interest in the partnership assets. Under the terms of the partnership agreement the surviving partner had the right to buy out the interest of the deceased partner at its “then book value.” The administrator contended that good will was a valuable partnership asset, even though not carried on the books, and should be taken into account in determining the price of the deceased’s interest. On appeal from a judgment for plaintiff, held, affirmed. By setting the price of the deceased’s interest at book value the partners had expressly excluded good will from the partnership assets. Succession of Jurisich, 224 La. 325, 69 S. (2d) 361 (1953).