People v. Clayton
Supreme Court of Colorado
728 P.2d 723 (Colo. 1986)
Relevant factsFree
Clayton (defendant), after dissolving an earlier partnership with the Grays and forming a new partnership (ERA Clayton) with Jones, used $1,500 from the ERA Clayton partnership account to make personal debt payments owed to the Grays, even though the partnership agreement restricted account use to partnership purposes; Clayton was charged with felony theft, but the district court dismissed the charge, finding partnership property could not be "a thing of value to another person" under the theft statute since partners are joint owners, and the state appealed.
IssueFree
Whether a partner can be found guilty of embezzlement or larceny of partnership property.