266 Pa. 312 | Pa. | 1920
Opinion by
In 1909, Harry B. Hall, Walter F. Hall and Zachary T. Hall, being engaged in business as partners under the name of Hall & Carpenter, purchased the premises 518 and 520 Bace street, in the City of Philadelphia. The deed conveyed the premises to Zachary T. Hall, Harry B. Hall and Walter F. Hall, copartners, trading as Hall & Carpenter, with habendum to have and to hold “as partnership property for the uses and purposes of said firm.” Zachary T. Hall subsequently died, and Harry B. Hall and Walter F. Hall acquired his interest, including that in the said real estate, and entered into a new partnership agreement in 1912, under which they continued the business until the death of Harry B. Hall in 1917. The partnership agreement provided, inter alia, “that
The decree was right. Whether partnership real estate shall be treated as real or personal property depends largely upon the intention of the parties. Here the intent that it shall be personal property clearly appears in that the deed is made to the partners as a firm and not as individuals, or as tenants in common, and in that it is therein designated as partnership property for the use of the firm. As such it is personalty under all the authorities, for, “in the case of land agreed to be made partnership stock, there is of necessity an out and out conversion”: Meily v. Wood, 71 Pa. 488, 494. “The law is well settled that when a firm holds land, by deed expressed on its face to be the partnership property of the firm, it is stamped, so far as the partners are concerned, with all the attributes of personalty”: DuBree v. Albert, 100 Pa. 483, 487. That conclusion is strengthened here by the agreement which gives the surviving partner the right to continue the business under the old firm name, upon payment of the amount representing the deceased partner’s share to his legal representative. The fact that the entire partnership interest, involving both real and personal estate, is blended and made payable to the legal
We do not deem it necessary to consider the Act of March 26, 1915, P. L. 18, “Relating to and regulating partnerships,” nor whether this case falls within section 26 thereof (p. 24) that, “A partner’s interest in the partnership is his share of the profits and surplus, and the same is personal property”; for aside from the act the case was properly decided.
The decree is affirmed at the costs of appellants.