In Re: Estate of P. Caruso, Apl of: Sandra Caruso

CourtSupreme Court of Pennsylvania
DecidedSeptember 11, 2024
Docket14 WAP 2023
StatusPublished

This text of In Re: Estate of P. Caruso, Apl of: Sandra Caruso (In Re: Estate of P. Caruso, Apl of: Sandra Caruso) is published on Counsel Stack Legal Research, covering Supreme Court of Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In Re: Estate of P. Caruso, Apl of: Sandra Caruso, (Pa. 2024).

Opinion

[J-24-2024] IN THE SUPREME COURT OF PENNSYLVANIA WESTERN DISTRICT

TODD, C.J., DONOHUE, DOUGHERTY, WECHT, MUNDY, BROBSON, McCAFFERY, JJ.

IN RE: ESTATE OF PETER J. CARUSO, III : No. 14 WAP 2023 GERALDINE CARUSO : : Appeal from the Order of the : Superior Court entered November v. : 15, 2022, at No. 1406 WDA 2021, : affirming the Order of the Court of : Common Pleas of Allegheny County SANDRA CARUSO, EXECUTRIX OF THE : entered October 28, 2021, at No. ESTATE OF PETER J. CARUSO, III : 3623-2015. : : ARGUED: April 9, 2024 APPEAL OF: SANDRA A. CARUSO :

OPINION

CHIEF JUSTICE TODD DECIDED: SEPTEMBER 11, 2024 In this appeal by allowance, we consider whether an individual – here, the spouse

of a deceased business partner – who was not an original party to a partnership

agreement, nor a third-party beneficiary of that agreement, and where the terms of the

agreement do not permit assignment of a deceased partner’s interest to a non-party, may

be permitted to “step into the shoes” of the deceased partner and enforce the partnership

agreement. We conclude such an individual may not, and so reverse the order of the

Superior Court.

I. Facts and Procedural History

On December 12, 1983, Mary Ann Caruso and her two adult sons, Peter and John,

executed a partnership agreement (“Partnership Agreement”) forming a general

partnership to function under the registered fictitious name of “Hays Land Company” (“HLC”) and engage in “the purchase and development of property/land holdings.” Trial

Court Opinion, 1/26/22, at 2. Thereafter, Mary Ann, Peter, and John operated HLC

together and, by 1997, HLC had acquired nine parcels of real estate in Allegheny County.

In 1997, Mary Ann conveyed her interest in the partnership to Peter and John in

equal shares, and she passed away later that year. Peter and John continued to jointly

conduct HLC’s real estate business for six more years until 2003, when John died. John

was survived by his wife, Geraldine, who is the appellee in this matter.1

The Partnership Agreement included Paragraph 14, entitled “Buy-Sell on Death of

Partner”:

If the Partnership is dissolved by the death of a Partner, the remaining Partners shall have the obligation within 90 days from the date of death of the deceased Partner to purchase the interest of the deceased Partner in the Partnership and to pay to the personal representative of such deceased Partner the value thereof as provided in Paragraph 13 of this Agreement.[2] During such 90-day period following the death of a Partner, the remaining Partners may continue the business of the Partnership but the estate or personal representative of the deceased Partner shall not be liable for any obligations incurred in the Partnership business beyond the amount includable in the estate of the deceased Partner already invested or involved in the Partnership on the date of

1 Upon John’s death, Geraldine became the executrix of his estate which was ultimately

settled and closed in 2006 in a separate proceeding in the Orphans’ Court of Allegheny County. See Estate of John D. Caruso, No. 2909 of 2003 (Allegheny Cnty. Common Pleas) (“In re Estate of Caruso”). 2 Paragraph 13 of the Partnership Agreement provides that the value of the interest of

the deceased Partner would be calculated in accordance with its “net book value.” Partnership Agreement, 12/12/83, at ¶13 (R.R. at 422a). As a general matter, the “net book value” of an asset is its value as recorded in a business entity’s accounting records, and it is determined by calculating the difference in value between the original cost of the asset, minus any impairment to its value caused by things such as accumulated depreciation or depletion. It is therefore not always equal to the market value of the asset at a given point in time, which may be higher or lower. See “net book value”, Oxford Dictionary of Accounting (5th ed. 2016) 304; see also https://www.accountingtools.com/articles/net-book-value.

[J-24-2024] - 2 the deceased Partner's death. The estate of the deceased Partner shall be obligated to sell as provided herein and shall be entitled, at the election of the personal representative of the deceased Partner, to either [a calculation of profits or interest from the 90-day partnership wind-up period]. Partnership Agreement, 12/12/83, at ¶14 (R.R. at 423a) (“buy-out provision”).

The sole surviving partner, Peter, did not exercise this buy-out provision following

John’s death, nor did Geraldine, as executrix of John’s estate, attempt to enforce it at that

time. Instead, Peter continued to operate HLC until 2015. During that time period,

Geraldine and Peter equally owned 50% of the shares of HLC, and Geraldine received

50% of the distributions of the proceeds from HLC’s real estate business. In re Estate of

Peter J. Caruso, III, Geraldine Caruso v. Sandra Caruso, Executrix of the Estate of Peter

J. Caruso, No. 3623 of 2015 (Allegheny Cnty. Common Pleas) (“Estate of Caruso v.

Executrix”), Joint Stipulations of Fact, 1/31/22, at ¶21 (R.R. at 410a); In re Estate of

Caruso, Settlement Agreement, 5/26/06, at 3 (R.R. at 662a); Trial Court Opinion, 1/26/22,

at 3.

Geraldine, however, became dissatisfied with the level of involvement Peter

allowed her in the day-to-day business operations of HLC, and, as a result, in 2013, she

commenced an action in equity in the Court of Common Pleas of Allegheny County

against Peter and HLC, seeking a formal accounting and monetary damages, as well as

an injunction enjoining Peter and HLC from excluding her from “meaningful participation

in the business of and management of the Partnership,” and compelling them to provide

to her “equal right in the management of the Partnership and the conduct of the

Partnership business.” See Geraldine Caruso v. Peter Caruso III, G.D. 13-6302

(Allegheny Cnty. Common Pleas) (“2013 Case”), Complaint, 4/10/13, at 10 (R.R. at 686a).

Peter filed a timely answer to this complaint on behalf of himself and HLC, portions of

which, as discussed further herein, have relevance to the instant matter.3

3 The 2013 Case was ultimately dismissed for inactivity on December 12, 2016.

[J-24-2024] - 3 On April 30, 2015, Peter executed documents that merged HLC with a newly-

established limited liability company, Hays Land Company-Pittsburgh, LLC (“HLC-PGH”).

Trial Court Opinion, 1/26/22, at 3. One of the purported objectives of the merger was to

insulate the partners from personal liability for debts and any legal actions that might be

filed against the partnership. Peter signed the merger documents in his dual capacity as

the managing partner of business affairs for HLC and as a member of HLC-PGH. The

documents Peter executed included a “Joint Written Consent of Partner and Member in

Lieu of Meeting.” Id.

Peter died in May 2015, and he was survived by his daughter, Sandra, who is the

executrix of Peter’s estate and the appellant herein (“Sandra”). Shortly after his death,

Geraldine attempted to exercise the Partnership Agreement’s above-referenced buy-out

provision by tendering a check to Sandra in the amount of $117,762.50, the net book

value of Peter’s partnership share. In re Estate of Caruso, 176 A.3d 346, 348 (Pa. Super.

2017) (“Caruso I”). Sandra refused to accept the offer, asserting that the Partnership

Agreement was not in effect at the time Peter died because the partnership had ended

upon John’s death in 2003. Id.

In October 2015, Geraldine, acting in her own individual capacity, commenced the

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