Comstock
Comstock v. Fiorella
Opinion
Opinion
McCABE, J.
—Plaintiff appeals from a summary judgment entered in favor of defendant. The trial court found Code of Civil Procedure, section 580b, prevented its rendering a deficiency judgment.
The evidence reflects assets of a partnership, in which plaintiff and defendant were the sole members, consisted of a bank account, real property, furniture and fixtures, gardening equipment and rents due from tenants occupying the real property. A section of the preamble to the written partnership dissolution agreement provided, “. . . Whereas, the parties have agreed to terminate the partnership and to distribute the partnership assets between them. ...” The agreement pro vided in part that: (a) debts of the partnership would be promptly paid; (b) closing income tax returns would be prepared and filed; (e) the partnership property would be transferred to Fiorella who would assume the encumbrance then existing on a parcel of real property owned by the partnership and give a note for $6,500 to his partner, Comstock, which note was to be secured by a junior trust deed on the real property. By the terms of the agreement, as incorporated into the note, no payment of either principal or interest would be…