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Young v. Jones | 816 F. Supp. 1070 (1992)
The equitable doctrine of partnership by estoppel was codified by the Uniform Partnership Act of 1914. The Revised Uniform Partnership Act of 1997 referenced the doctrine as a purported partnership. In Young versus Jones, the United States District Court for the District of South Carolina addressed the elements that must be met to apply the doctrine.
Two Texas investors, Robert Young and EDX Holdings, Incorporated, together deposited $550,000 in a South Carolina bank as part of a business deal with Swiss American Fidelity and Insurance Guaranty, or SAFIG. The deposit was made in reliance on an unqualified audit letter issued by the Bahamian partnership Price Waterhouse, Chartered Accountants, or PW-Bahamas. The audit letter verified that SAFIG had a $12,000,000 deposit in the South Carolina bank. After Young and EDX deposited their money, it was sent to SAFIG. It then disappeared. The SAFIG financial statement proved to be false.
Young and EDX filed suit in federal district court against PW-Bahamas and Price Waterhouse, a New York general partnership, or PW-US. PW-US moved to be dropped as a party pursuant to Rule 21 of the Federal Rules of Civil Procedure and also filed a motion to dismiss for failure to state a claim pursuant to Rule 12(b)(6).
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