Practice point: A corporation continues to exist after dissolution for the winding up of its affairs, and a dissolved corporation may sue or be sued on its obligations, including contractual obligations and contingent claims, until its affairs are fully adjusted.
Practitioners should note that a party seeking contractual indemnification must prove itself free from negligence, because to the extent its negligence contributed to the accident, it cannot be indemnified.
Case: Cava Constr. Co., Inc. v. Gealtec Remodeling Corp., NY Slip Op 00324 (2d Dept. 2009)
The opinion is here.
Monday’s issue: Contracts.
