Frank v. R.A. Pickens & Son Company

572 S.W.2d 133 (1978)

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Nature of the Case

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Facts

R.A. Pickens & Son Company (D) was a farming partnership with leases and farms over 13,000 acres of land. The partnership existed since 1925. At the close of business in 1975 there were 22 partners of which R.A. Pickens & Son (different from D) owned 31%. Frank (P) bought into the partnership for $21,600 and eventually acquired 3%. P remained an active partner until May 1976 when Pickens (D1) who managed the firm terminated P's interest and tendered him a check for $35,805.27. P refused to accept the check and sought a petition seeking an accounting and then a dissolution and liquidation of partnership assets. Under the partnership agreement, D had rightfully tendered to P the amount that was due him. The court basically ruled for D with what can only be considered minor modifications; D was justified in terminating the at-will partnership, and basically paid P the correct amount of money but also included a 5/32nd share of the profits for the year amounting to $13,843.48 extra. P appealed.