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CONTINENTAL INS. CO. v. RUTLEDGE & CO.

C.A. No. 15539.

750 A.2d 1219 (2000)

The CONTINENTAL INSURANCE COMPANY, a New Hampshire insurance company, and the Fidelity and Casualty Company of New York, a New Hampshire insurance company, Plaintiffs, v. RUTLEDGE & COMPANY, INC., a Delaware corporation, and John Rutledge, individually, Defendants. Rutledge & Company, Inc., Counterclaim-Plaintiff, v. The Continental Insurance Company, the Fidelity and Casualty Company of New York, and CNA Financial Corporation, Counterclaim-Defendants.

Court of Chancery of Delaware, New Castle County.

Decided: January 10, 2000.

Attorney(s) appearing for the Case

David C. McBride and Martin S. Lessner, of Young Conaway Stargatt & Taylor, LLP, Wilmington, for Plaintiffs.

Stephen E. Herrmann, of Richards Layton & Finger, LLP, Wilmington; of Counsel: Andrew W. Goldwater and Hal Neier, of Friedman Kaplan & Seiler, LLP, New York City, for Defendants.

OPINION

CHANDLER, Chancellor.

This case involves a dispute between a limited partner and the general partner of a Delaware limited partnership. The parties ask the Court to resolve the following two issues. One, does the limited partnership agreement permit limited partners to withdraw at will, or did the parties orally amend the agreement to suspend temporarily the limited partners' withdrawal rights? Two, does the limited partnership agreement permit...

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