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Understanding is all
Key points
- Lane v Lane and others is key in understanding partnership agreements succession and when a partnership ends.
- The case concerned the ademption of a gift under the will and the conduct of the executrix.
- It was determined that after a partnership has ended each partner still has a ‘share and interest’ in that partnership until the partnership has been wound up.
- Farming partners must understand the partnership agreement.
The Lane family farming partnership dispute might just appear to be another farm estoppel dispute – see Lane v Lane and others [2024] EWHC 275 (Ch). However the case is key in understanding partnership agreements succession and when a partnership ends. There is one clear message – the partnership agreement must be read and understood in practical terms as well as just signing the agreement.
This case concerned the interpretation of a will in...
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