Business Associations Keyed to Hamilton
Martin v. Peyton
Facts
Knauth (D), Nachod (D), and Kuhne’s (D) partnership was in financial trouble. One of the partners, Hall (D), secured a loan from other friends, including Peyton (D). In exchange for a $2,500,000 loan in liquid securities, Peyton (D) and the other loaners (D) were entitled to a percentage of the profits until the loan was paid off. The provisions and the conditions in the loan were; Peyton was to have a veto over speculative investments; Hall was to have an insurance policy taken out on his life; the securities could be pledged as a loan; and the loaners (D) were to receive dividends from the securities. Peyton (D) couldn’t bind the partnership nor initiate any action either on his own. The agreement directly stated a loan, and not a partnership arrangement. Peyton (D) and the others (D) were to accrue no liability for partnership debts under the agreement. A creditor of the partnership, Martin (P), filed suit against it, and the loaners to it, Peyton (D) and the others (D). Martin (P) alleged that the agreement formed a partnership interest for the loaners (D). The court found for Peyton (D).
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