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Business Planning Keyed to Gevurtz
Block v. Mylish
Citation:
351 Pa. 611, 41 A.2d 731 (1945)Facts
The firm of Mylish, Mann and Drucker was a partnership with three equal partners who had taken out life insurance policies on each partner’s life, naming the partnership as beneficiary. The partnership paid all premiums with partnership funds. In 1941, the partners executed a written agreement that included provisions for surviving partners to purchase a deceased partner’s interest. When Mann died in 1943, the insurance companies paid approximately $60,000 on his life insurance policies. The surviving partners, Mylish and Drucker, exercised their option to purchase Mann’s interest but disputed whether the insurance proceeds should be included in valuing the partnership assets. The partnership agreement specified that insurance proceeds “shall be turned over and paid by said partnership on account of the purchase price” for a deceased partner’s interest.
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