When garner vs Murray not applicable in dissolution?

Answer 1

The Garner v. Murray rule applies in the context of partnership dissolutions, particularly when a partner's interest is being purchased by the remaining partners. It requires that the purchasing partners must buy out the departing partner's interest at its fair market value, taking into account the partnership's goodwill. However, this rule may not be applicable in cases where the partnership agreement explicitly outlines different terms for dissolution or buyouts, or if the partnership has different legal structures that dictate specific procedures. Additionally, if the partnership is being dissolved due to a court order or specific statutory provisions, the Garner v. Murray rule may not apply.