When does a partnership share just become an asset?

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 relation to a disputed gift and the suitability of the current executrix to manage the estate. The court ruled that the gift had not adeemed and that the executrix should be replaced due to concerns regarding the administration of the estate.

The factual background involved the administration of the estate of Monica Lane where questions arose about the ademption of a gift under the will and the conduct of the executrix...