City Investing Co. Liquidating Trust v. Continental Casualty Co.

WALSH, Justice:

In this appeal from the Court of Chancery, we address the question of whether a dissolved corporation, which established a liquidating trust to administer its assets during a post-dissolution period, is subject to a claim asserted beyond the three-year period established under Section 278 of the General Corporation Law. The Court of Chancery determined that the claim was not time-barred and was assertable under the terms of the agreement which established the trust. We agree with the ruling of the Court of Chancery and, accordingly, affirm.

I

The proceedings in the Court of…