Client Alert
In Anderson v. Krafft-Murphy Company, Inc., the Delaware Supreme Court held, inter alia, that (1) contingent contractual rights such as insurance policies may be considered the “property” of a dissolved corporation so long as such rights are capable of vesting and (2) that the Delaware General Corporation Law does not impose a generally applicable statute of limitations that would time-bar claims against a dissolved corporation. The Court reversed the holding of the Chancery Court of the State of Delaware that the relevant dissolution provisions of the DGCL operate to extinguish a dissolved corporation’s liability after ten years from the date of dissolution.