11. Dissolution of. A partnership may be dissolved—first, by the act of the parties ; as, by their mutnal consent, Story, Partn.1 268; 3 Kent, Comm. 54 ; Pothier, Partn. n. 149; and where no specified period is limited for the continuance of the partnership, either party may dissolve it. at any time. 4 Russ. Ch. 260 ; 1 Swanst. Ch. 508 ; 3 Kent, Comm. 53, 54 ; Gow. Partn. 3d ed. 109 ; Story, Partn. 44 84, 272, 273. See 5 Ark. 280. Wbether a partnership for a certain time can be dis. solved by one partner at his mere will and pleasure before the term has expired, seems not to he absolutely and definitively settled. Story, Partn.1 275. In favor of the right of one partner in such cases, see 3 Kent, Comm. 55 ; 17 Johns. N. Y. 525 ; 19 id. 538 ; 1 Hoffm. Ch. N. Y. 534; 3 Bland, Ch. Md. 674. Against it, see Story, Partn. 1/ 275, 276; 5 Ark. 281 ; 4 Wash. C. C. 234; Pothier, Partn. 152. See, also, 15 Me. 180 ; Gow, Partn.,3ti ed. 218, 219, 225, 226 ; 1 Swanst. Ch.4951 16 Ves. Ch. 56 ; Bisset, Partn. 84. As against third persons, a partner may certainly draw from a, partnership at his pleasure. 3 C. B. N. s. 561.
• Second, by the act of God : as, by the death of one of the partners ; and this operates from the time of the death, 3 Mer. Ch. 610 ; 6 Cow. N. Y. 441 ; Pothier Partn. n. 144 ; 6 Conn. 184 ; 2 How. 560; '7 Ala. N. s. 19 ; Collyer, Partn. t 113 ; 3 Kent, Comm. 55, 56 ; Story, Partn. ff 317, 319 ; 7 Pet. 594 ,• 5 Mete. Mass. 575 : ' Pick. Mass. 519 ; 5 Gill, Md. 1 ; un less there be an express stipulation to the contrary. 3 Madd. Ch. 251 ; 2 How. 560.
Third, by the act qf the law : as, by the bank ruptcy of one of the partners. 4 Burr. 2174 ; Cowp. 448 ; 6 Ves. Ch. 126; 5 Maule & S. 340. Fourth, by a valid assignment of all the partnership effects for the benefit of creditors, either under insolvent acts, Collyei, Partn, 112, or otherwise, 41 Ms. 373, and by a sale of the partnership effects under a separate execu tion against one partner. Collyer, Partn. 112 ; Cowp. 445 ; 2 Ves. & B. Ch. Ir. 300 ; 3 Kent, Comm. 59. But the mere insolvency of one or all of the members of a partnership does not of itself operate a dissolution. 24 Pick. Ma,ss. 89. See 1 Bland, Ch. Md. 408 ; 2 Ashm. Penn. 305 ; Pcrthier, Partn. n. 148. 1S. It may be dissolved—A/2k by the civil. death of one of the partners. Collyer, Partn.
t 114 ; Pothier, Partn. n. 147. But the ab sconding of a party from the state does not of itself operate a dissolution. 24 Pick. Mass. 89. See StorY, Perth. t 298.
Sixth, by the brealcing out of a war between tWo states in which the partners are domi ciled and carrying on trade. 16 Johns. N. Y. 438 ; &Kent, Comm. 62; Story, Partn. if 315, 316 ; 3 Bland, Ch. Md. 674.
Seventh, by the marriage of a feme sole partner. 4 Russ. Ch. 260 ; 3 Kent, Comm. 55 ; Story, Partn. 506 ;' Collyer, Partn. t 115.
Eighth, by the extinction of the subject matter of the joint business or undertaking, 16 Johns. N. Y. 401, 402 Pothier, Perth. nn. 5, 140-143 ; Collyer, Partn. t 115, and by the
completion of the business or adventure for which the partnership was formed. Pothier, Partn. n. 143 ; Story, Partn. t 280.
Ninth, by the termination of the period for whioh a partnership for a certain time was formed. Collyer, Partn. t 119 ; Pothier, Partn. n. 139. If the partnership he con tinued, by express or tacit consent, after that period, it will be presumed to continue on the old terms, 17 Serg. & R. Penn. 165 ; Chitty, Contr. 1860 ed. 285, note, but as a partnership at will.
Tenth, by the assignment of the whole of one partner's interest either to his copartner or to a stranger, Collyer, Partn. t 110, note ; 3 Kent, Comm. 59 ; Story, Partn. tt 307, 308; 4 Barnew. & Ad. 175 ; 17 Johns. N. Y. 525 ; I Freem. Ch. Miss. 231 ; 8 Watts & S. Penn. 262 ; where it does not appear that the as signee acts in the concern after the assign ment. 17 Johns. N. Y. 525 ; 8 Wend. N. Y. 442 ; 5 Dan. Ky. 213 ; 1 Whart. Penn. 381 ; 2 Dev. No. C. Eq. 481. But see 14 Pick. Mass. 322, where it was held that this would not ipso facto work a dissolution.
Eleventh, by the award qf arbitrators ap pointed under a clause in the partnership articles to that effect. See Bisset, Perth. 8T; 1 W. Blackst. 475 ; 4 Barnew. Ad. 172.
19. A partnership for a term niay be dis solved before the expiration of .the term, by the decree of a court of equity founded on the wilful fraud or other gross misconduct of one of the partners, Collyer, Partn. t 296 ; Chitty,' Contr. 1860 ed. 285 ; 4 Beav. Rolls, 502 ; 2k id. 482 ; 2 Ves. & B. Ch. Ir. 299 ; so on his gross carelessness and waste in the adminis tration of the partnership, and his exclusion of the other partners froin their just share of the management, Collyer, Partn. t 227 ; 1 Jac. & W. Ch. 592 ; 2 id. 206 ; 5 Ark. 278; 2' Ashm. Penn: 309, 310 ; 3 Ves. Ch. 74 ; so on the existence of violent and lasting dissen, alone between the partners, 1 Jarman, Cony. 26 ; Gow, Partn. 3d ed. 227 ; 1 Iowa, 537 ; Collyer, Partn. t 297 ; see 4 Sim. Ch. 11 ; Story, Partn. t 288 4 Beav. Rolls, 503 ; 14, Ohio, 315, where these are of such 4 charac-, ter as to prevent the business from being con-; ducted upon the stipulated terms, 3 Kent,,, Comm. 60, 61 ; Collyer, Partn. t 297, and to. destroy the mutual confidence of the partners in each other. 4 Beav. Rolls, 502 ; 21 id. 482 ; 1 Lindley, Partn. 184, 185. But. a partner cannot, by rnisconducting himself and render ing it impossible for his copartners to act in harmony with him, obtain a dissolution on the ground of the impossibility so created by' himself. 21 Beav. Rolls, 493, 494 ; 3 Hare,. Ch. 387. A partnership may be dissolved by decree when its business is in a hopeless state, its continuance impra.cticable, and its property liable to be wasted and lost. Coll yer Partn. 4 291 ; 3 Kent, Comm. 60 ; 1 Cox, 212'; 2 Ves. & B. Ch. Ir. 290 ; 16 Johns. N. Y. 491 ; Gow, Partn. 3d ed. 226, 227 ; 1 Lind ley, Partn. 180, 181 ; 3 Kay & J.78 ; 13 Sim. Ch. 495.