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CHEYENNE OIL CORPORATION v. OIL & GAS VENTURES, INC.

204 A.2d 743 (1964)

CHEYENNE OIL CORPORATION, Forward Enterprises, Inc., Westland Oil Development Corporation, Louis Kung, Arthur B. Rothwell, C. F. Chien and T. P. Wang, Defendants Below, Appellants, v. OIL & GAS VENTURES, INC., a Delaware corporation, as sole General Partner in behalf of Oil & Gas Ventures-First 1958 Fund, Ltd., a New Jersey limited partnership, Oil & Gas Ventures, Inc., a Delaware corporation, as sole General Partner in behalf of Oil & Gas Ventures-Second 1958 Fund, Ltd., a New Jersey limited partnership, and Oil & Gas Ventures, Inc., a Delaware corporation as Sole General Partner in behalf of Oil & Gas Ventures-First 1959 Fund, Ltd., a New Jersey limited partnership, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

November 4, 1964.

Attorney(s) appearing for the Case

Daniel L. Herrmann, of Herrmann, Bayard, Brill & Russell, Wilmington, and James N. Erwin, Jr., of Erwin, Wagner & Hodson, Houston, Tex., for defendants below, appellants.

Louis J. Finger, of Richards, Layton & Finger, Wilmington, and Arthur B. Kramer, of Feldman, Kramer, Bam & Nessen, New York City, for plaintiffs below, appellees.

WOLCOTT and CAREY, JJ., and WRIGHT, Judge, sitting.

CAREY, Justice.

This appeal questions a decision of the Court of Chancery holding that the sole general partner of a limited partnership had authority to prosecute the present action notwithstanding dissolution of the limited partnership. More particularly stated, the principal question is whether, under the law of New Jersey, the sole general partner of a limited partnership dissolved by the expiration of the term for which it was created, may prosecute an action...

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