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
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