COMM 431 Study Guide - Midterm Guide: John C. Breckinridge, General Partnership, The Purchase Price
Document Summary
This is an appeal case between appellant nordile, vendor of land, and arman rental properties limited partnership, purchaser. The purchase price was payable in part by a first mortgage for ,000 to cmhc, and in part by a second mortgage back to nordile for ,089. 54. Facts: arman and arbutus management ltd. , the general partner of the limited partnership, were the mortgagors in the second mortgage to nordile. John breckenridge and hubert rebiffe are minority shareholders and directors and offices of arbutus management ltd, the general partner of arman. In the trial, nordile obtained judgment for ,191 plus interest and costs against arman and arbutus pursuant to the terms of the second mortgage. Nordile argued for the right to recover the amount of the unpaid judgement from breckenridge and rebiffe. Pa s. 64 liability to creditor: a limited partner is not liable as a general partner unless he takes part in the management of the business.
