Orovitz v. Borack

904 So. 2d 519, 2005 Fla. App. LEXIS 7951, 2005 WL 1226150

• Court: District Court of Appeal of Florida
• Decided: May 25, 2005
• Docket: No. 3D04-1574
• Status: Published

Opinion

SCHWARTZ, Senior Judge.

In this case involving the amounts recoverable by a departing partner under a law firm partnership agreement, the jury verdict for the plaintiff-appellee of $128,-4Ó2.54¹ clearly and unequivocally demonstrates that it did not give “credit” to appellant Orovitz for a note payable to him, as just as clearly provided by the agreement² and established without contradiction at trial. Accordingly, as we are authorized by the cases, see Cory v. Greyhound Lines, Inc., 257 So.2d 36 (Fla.1971); Brod, v. Adler, 570 So.2d 1312 (Fla. 3d DCA 1990), review denied, 577 So.2d 1325 (Fla.1991); Balsera v. A.B.D.M. & P. Corp., 511 So.2d 679 (Fla. 3d DCA 1987), review denied, 519 So.2d 986 (Fla.1987); Burgess v. Mid-Florida Serv., 609 So.2d 637 (Fla. 4th DCA 1992); Phillips v. Ostrer, 481 So.2d 1241 (Fla. 3d DCA 1985), review denied, 492 So.2d 1334 (Fla.1986); U.S. Home Corp. v. Suncoast Utils., Inc., 454 So.2d 601 (Fla. 2d DCA 1984), we therefore order that the verdict and judgment be reduced by Borack’s thirty-five percent share of the established amount of the partnership debt, $282,000.00. Upon remand, judgment shall be entered for the plaintiff-appellee in the reduced amount of $29,702.54. •

Reversed and remanded with directions.

1 .The verdict stated:

1. What is the sale price of Mr. Borack’s shares of Robert J. Orovitz, P.A.?

$128,402.54

2. Did Mr. Ovovitz offer to pay an amount equal to or greater than the appropriate sale price of the shares to Mr. Borack?

Yes_ No X

3. Are there any additional amounts over and above the sales price due to Mr. Borack under the shareholder agreement?

Yes_ No X

4. If yes, please state amount.

$ 0

So say we all this 10th day of March, 2004.

2 .The Shareholder Agreement provided that

6. Either party may terminate this agreement with six months notice. In the event, this agreement is terminated, [Bo-rack] agrees to sell his stock to [Orovitz] for thirty five percent (35%) of the cash and receivable, less payables, as of the date of notice.

The First Addendum to Shareholder Agreement provided, in pertinent part, that

3.[Borack] acknowledges that the books and records reflect that the firm owes [Orovitz] [$282,000.00]. The parties and the firm agree that this loan will be repaid as a firm debt....