Racing Investment Fund 2000, LLC v. Clay Ward Agency, Inc.
Kentucky Supreme Court
320 S.W.3d 654 (Ky. 2010)
Racing Investment Fund 2000, LLC (Racing Investment) (defendant) purchased insurance from Clay Ward Agency, Inc. (Clay Ward) (plaintiff). In May 2004, after falling behind on payments, Racing Investment agreed to a judgment. Racing Investment, which by then had become defunct, failed to pay the entire judgment when due. The trial court found that a provision of Racing Investment’s Operating Agreement (Operating Agreement) requiring members to make occasional capital infusions for business expenses was an available means to satisfy the judgment. The trial court ordered Racing Investment to satisfy the judgment accordingly. The Court of Appeals affirmed.
Rule of Law
Holding and Reasoning
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 170,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,800 briefs, keyed to 187 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.