Hall

This is an action for declaratory relief and for an accounting. In September, 1931, Mr. Miller and Mr. Hall entered into a partnership known as Miller, Hall & Co. for the purpose of conducting a brokerage business dealing in stocks, bonds and securities.

On April 11, 1934, they signed a written agreement which recited that the death of either partner would result in financial loss to the survivor, and that each partner had taken out two policies in the New England Life Insurance Company for $20,000 and $10,000, respectively. It was then agreed that all premiums on these four policies should be paid from partnership funds, and that upon the death of either the amount of insurance on his life should be immediately collected by the survivor and paid over to the widow of the deceased partner in full payment for her share of the partnership property and assets, including prospect lists, good will, etc., with one exception which is not material here.

Four such policies of insurance were taken out, two on the life of each partner. One policy on the life of each was made payable to his wife, respectively, while the other policy was made payable to the other partner. This conformed to…