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rescission or rescinded?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Now, when that was revoked or rescinded, then that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
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