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PRYOR v. NEW YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION

18 A.D.3d 361 (2005)

795 N.Y.S.2d 222

ROBERT PRYOR et al., Appellants, v. NEW YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION, Defendant, and ROYAL INDEMNITY COMPANY, Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

May 24, 2005.

It appears that the limited partnership (Apparel) was formed by XYZ Corporation, as general partner, and Cliftex Corporation and Charles Cooper, as limited partners. Profits and losses were to be allocated 1% to XYZ, 66% to Cliftex, and 33% to Cooper. Cooper was also XYZ's president. The action is brought by Apparel's bankruptcy trustee, Cliftex's bankruptcy trustee, and XYZ. We reject plaintiffs' argument that they cannot be held responsible for Cooper's ultra vires failure...

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