Reference no: EM132236130

By Partnership Agreement dated the 1st of August, 1994, and made between Thomas Napier Hibben of the first part, Christian William Kammerer of the second part, and William Henry Bone of the third part, the same parties agreed to become partners in the business up to that time carried on by Mr. Hibben alone At High Street, Siparia, of a wholesale and retail bookseller and stationer, and it was thereby agreed that the interests of the parties were to be in equal proportions. The partnership was to be for the term of seven years determinable by six months notice during the term with no provision for automatic renewal. The agreement contained numerous clauses as to the carrying on of the business, and regarding the dissolution of the partnership and the division of the assets including a clause that provided that if any partner shall die during the term of the partnership the survivors shall within six months after such death cause a general account to be taken in manner aforesaid and shall pay to the executors or administrators of the deceased partner the ascertained value subject to the terms and conditions of these presents of the partnership share of the partner so dying subject to a 20% discount of the value of the partnership share. The partners, Hibben, Kammerer and Bone carried on the business under the articles of partnership until the death of Hibben, on the 12th of January, 2010. After the expiration of the partnership term in the partnership agreement, Kammerer, Hibben and Bone entered continued to conduct the business in manner identical to when the partnership agreement was in force. Upon the death of Hibben, his executor is claiming the value of the share of Hibben partnership. Kammerer and Bone is willing to pay the share but insist on the twenty percent discount while the executor of Hibben wants the full value.

Please advise Kammerer and Bone.