Opinion ID: 1145431
Heading Depth: 2
Heading Rank: 4

Heading: termination of the partnership

Text: In their final argument, the Rolfes assert that the district court erred in how it terminated the partnership. The essence of this claim is that the district court did not properly distribute partnership assets nor did it determine the partnership liabilities, as required by the Wyoming Partnership Act. The Rolfes argue that the district court should have found that the Western Motel property and the six lots adjacent to the Motel, which Varley purchased, were partnership property. In addition, they argue that the district court should have ordered these partnership properties sold and applied to the partnership debts. The district court made no finding as to the partnership property because the partnership, contemplated by the Agreement and to which the parties were to contribute certain property, was never formed as intended and the property was never conveyed by either party to any partnership. Therefore, title to the Western Motel property and Varley's six adjacent lots were continuously held by each respectively, not made partnership property, and not subject to liquidation to pay partnership debts. As to the partnership liabilities, the record clearly establishes that Varley fronted the $347,000.00 for development purposes. The record also clearly demonstrates that Harley agreed each time to the expenditure of this money. The district court properly found these funds to be capital contributions to the partnership/joint venture and properly found each partner, the Rolfes and Varley, equally liable for payment of that partnership debt.