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MURTY BROS. SALES, INC. v. PRESTON

716 S.W.2d 239 (1986)

MURTY BROS. SALES, INC.; et al., Movants, v. William J. PRESTON; et al., Respondents.

Supreme Court of Kentucky.

As Corrected August 7, 1986.

Rehearing Denied October 16, 1986.

Attorney(s) appearing for the Case

Dandridge Walton, Sam G. McNamara, Barnett & Alazia, Frankfort, for movants.

Phillip D. Scott, Schuyler J. Olt, Steven L. Spalding, Lexington, for respondents.

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...

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