What are the rights and remedies

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Reference no: EM131387564

Ames, Bell, and Cole were equal partners in the ABC Construction Company. Their written partnership agreement provided that the partnership would dissolve upon the death of any partner. Cole died on June 30, and his widow, Cora Cole, qualified as executor of his will. Ames and Bell wound up the business of the partnership and on December 31 they completed the sale of all of the partnership's assets.

After paying all partnership debts, they distributed the balance equally among themselves and Mrs. Cole as executor. Subsequently, Mrs. Cole learned that Ames and Bell had made and withdrawn a net profit of $200,000 from July 1 to December 31. The profit was made through new contracts using the partnership name and assets. Ames and Bell had concealed such contracts and profit from Mrs. Cole, and she learned about them from other sources.

Immediately after acquiring this information, Mrs. Cole made demand upon Ames and Bell for one-third of the profit of $200,000. They rejected her demand. What are the rights and remedies, if any, of Cora Cole as executor?

Reference no: EM131387564

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