5. On August 17 and 18, the parties entered into an agreement of dissolution and distribution of partnership assets, the terms of which agreement have not been carried out by either plaintiff or defendants.
6. Both plaintiff and defendants have expressed their intent to cease doing business as partners.
7. The partnership assets are not in danger of dissipation because of any mishandling by defendants, but are in danger because of the partners' inability to agree and the resulting inability of the partnership to act.
III. Conclusions of Law
1. The Court has jurisdiction over the parties and the subject matter of this suit by diversity of citizenship.
2. The rights of the parties in the subject matter are governed by the Uniform Partnership Act, 59 Purdon's Stat. 51 et seq.
3. The partnership was dissolved on August 18, 1961, by the express will of all partners (59 Purdon's Stat. § 93(1)(b).
4. The plaintiff is entitled to an accounting by the defendants and the defendants are entitled to an accounting as to any partnership affairs over which plaintiff may have control (59 Purdon's Stat. § 55).
5. The plaintiff, having been excluded from the partnership's affairs, shall have his interests protected by a posting of a bond by the defendants.
IV. Interlocutory Order
And now, to wit, this 17th day of November, 1961, It is Hereby Ordered:
The defendants' motion to dismiss the plaintiff's complaint is hereby Denied.
The plaintiff's motion for preliminary relief is hereby Granted to the extent as follows:
1. Within ten (10) days from this date the defendants shall submit an accounting of all partnership assets over which the defendants have control.
2. Within ten (10) days from this date the plaintiff shall submit an accounting of any partnership assets over which the plaintiff may have control.
3. The parties shall make every effort to wind up the affairs of the partnership formerly existing between plaintiff and defendants.
4. The defendants shall post a bond in the amount of $ 50,000 to insure the plaintiff against any loss which may be occasioned by the mishandling of partnership affairs by the defendants.
It is the decree of this Court that the above-described partnership was dissolved on August 18, 1961. The agency of each partner to act for the other partners and for the partnership thereby terminated as to all new ventures. From the date of this Order, no partner shall have the power to bind any other partner or the partnership assets in any business venture other than those necessary for the liquidation of partnership assets.
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