Karr sighed. “It’s about that old partnership,” he said, “but I don’t feel up to going into it now. Tell me, Mr. Mason, what’s the legal position of a surviving partner with reference to partnership business?”
Mason said, “The death of a partner dissolves the partnership. It’s the duty of the surviving partner to wind up the affairs of the partnership and make an accounting to the executor or administrator of the dead partner.”
“What do you mean by winding up the affairs of the partnership?”
“Reduce them to cash.”
“Suppose there isn’t any executor or administrator? What happens to the property?”
“It goes to the heirs.”
“I’m not positive there are any heirs.”
“You should have an administrator appointed, anyway, to protect yourself.”
Karr shook his head emphatically.
“Why not?” Mason asked.