- 64 - 30(...continued) rescission or rescinded? A. That it never took effect. Q. Were there provisions under the partnership agreement to allow partners to rescind? A. I cannot think of any specific item in the partnership agreement that gives them that right. It was-- the rescission I was speaking of is the rescission of the power of attorney they gave me that I signed--that I used to sign the assumption agreements. Now, when that was revoked or rescinded, then that assumption of that liability was treated as if it never occurred. On cross-examination, Mr. Hoyt further elaborated as follows: Q. Would you give credit to the individual partners when a sale on a foreclosed note was made for those animals covered by the foreclosed portion? A. I'm not sure what the word credit means, the way you're using it. Q. Would you do anything to their capital accounts? A. Yes. Q. What would you do? A. Deduct all the capital that had been contributed to their capital account by assuming partnership liabilities. Q. If--so for each of those it would be--the sales on * * * [foreclosure] would be a situation where a partner completely walked away from the partnership. Is that right, or not? A. Walked away, or instructed me in some fashion that (continued...)Page: Previous 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 Next
Last modified: May 25, 2011