In the Matter of Krafft-Murphy Company, Inc., a Dissolved Delaware Corporation Robert F. Anderson…

Summary

The Court reversed summary judgment for the dissolved corporation and held that unexhausted liability insurance policies are contingent property capable of supporting a receivership under the dissolution statute. It also held that Delaware's dissolution statutes do not generally time-bar third-party claims against a dissolved corporation, and that a receiver is required for the corporation to defend litigation commenced after the statutory three-year winding-up period. The case was remanded for further proceedings.