Dan enter into general partnership

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Question

Abel, Ben, Cathy, and Dan enter into a general partnership called the ABCD Partnership. Abel contributes 30% of the original capital to the formation of the Partnership, Ben contributes 30% of the original capital, Cathy contributes 20% of the original capital, and Dan contributes 20% of the original capital. The four agree in writing to share all profits and losses based on their original contributions, i.e., Abel gets 30%, Ben 30%, Cathy 20% and Dan 20%.

One year later, the ABCD Partnership purchases a 100-acre tract of land in Brazos County, Texas. Another year later, Ed (not associated with the Partnership) secures a legal judgment against Ben for an unpaid personal debt Ben incurred totally unrelated to the Partnership or its business. Ed tries to secure a writ of judgment against the 100-acre tract of land. Will Ed be either totally or partially successful in acquiring the land? Why or why not?

Reference no: EM133937718

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