Murty Bros. Sales, Inc. v. Preston

LEIBSON, Justice.

This case arises from a Joint Venture Agreement. The purpose of the Venture according to the Agreement was to “acquire, own, train, maintain, race, breed and otherwise deal with and dispose of” thoroughbred horses. One party, Preston Farms, primarily supplied the - necessary capital contributions and the second party, Murty Brothers, primarily managed the Venture and the assets thereof.

The continued existence of the Venture was scheduled to terminate June 30, 1985. However, the Agreement also provided under the section designated “Dissolution and *240Liquidation” that if either…