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Business Organizations Keyed to Sjostrom
Elting v. Elting
Citation:
849 N.W.2d 444 (Neb. 2014)Facts
In 1976, Glenn Elting and Sons, a farming partnerhsip, was formed among Glenn and his two sons, Kerwin and Perry. Before the partnership dissolved in late 2007, the partnership began banking with the First National Bank of Fairbury. The partnership worked primarily with Dick Hoppe. FNB determined that the partnership was creditworthy and the 2007 balance sheet was signed by Glenn, Perry, and Kerwin, who were managing partners at that time. The 2008 balance sheet reflected the price of the Cargill corn after the gains and losses from the May 2008 Focal Point contracts. After the proceedings to dissolve the partnership began, Kerwin and Carl began farming together and Perry and Knud began farming together. In Hoppe’s review of Perry and Knud’s financial information, he noticed that their numbers differed from Kerwin and Carl’s numbers with respect to the price of the contracted corn. The appellees filed their complaint against Kerwin, alleging that Perry and Knud had not been consulted regarding whether the partnership should enter into the Focal Point contracts and that Kerwin lacked authority to enter into the Focal Point contracts on behalf of the partnership.
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