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Business Organizations Keyed to Macey
Rapoport v. 55 Perry Co.
Citation:
376 N.Y.S.2d 147 (1975)Facts
In 1969, Simon, Genia and Ury Rapoport entered into a partnership agreement with Morton, Jerome and Burton Parnes, forming the partnership known as 55 Perry Company. Pursuant to the agreement, each of the families owned 50% of the partnership interests. In December 1974, Simon and Genia Rapoport assigned a 10% interest of their share in the partnership to their children, Daniel and Kalia. The Parnes defendants were advised of the assignment. However, when the plaintiffs requested the Parnes defendants to execute an amended partnership agreement to reflect the changes, the Parnes refused. Thereafter, the plaintiffs Rapoport brought this action seeking a declaration that Simon and Genia Rapoport ahd an absolute right to assign their interests to their children without consent of the defendants.
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