Sebade v. Sebade

Summary

The Nebraska Supreme Court affirmed a judgment awarding Brent Sebade substantial damages against Rick and Sarah Sebade for concealed and misrepresented partnership transactions, diverted partnership assets, and breaches arising from the partnership’s dissolution agreements. The court held that Brent’s fraud claims were timely because he lacked actual or constructive discovery before the limitations period, and that the annual ledger adjustments did not constitute settlements or releases because they were not agreed settlements and were infected by concealed misconduct. The court also upheld the findings that commodities trading was personal to Rick, that Sarah could be jointly and severally liable through conspiracy and aiding-and-abetting principles, and that Rick was not entitled to an equalization payment because a contractual condition precedent had not occurred.