What is the test for establishing that a partner is bound to act in the highest good faith to his partner in all proceedings connected with the conduct of the partnership?
California, United States of America
The following excerpt is from Rosenfeld, Meyer & Susman v. Cohen, 146 Cal.App.3d 200, 194 Cal.Rptr. 180 (Cal. App. 1983):
"The foregoing reasoning has been well established, and the underlying ethical principles firmly and consistently supported by precedent. In Page v. Page (1961) 55 Cal.2d 192, 197, 10 Cal.Rptr. 643, 359 P.2d 41, we observed: 'We have often stated that "Partners are trustees for each other, and in all proceedings connected with the conduct of the partnership every partner is bound to act in the highest good faith to his copartner and may not obtain any advantage over him in the partnership affairs by the slightest misrepresentation, concealment, threat or adverse pressure of any kind." [Citations.]'
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