David Fowler Johnson, in his Texas Fiduciary Litigator Blog, discusses Anubis Pictures, LLC v. Selig. The abstract is as follows:
Parties often begin a business together without thinking through all of the legal details that define their rights. When they eventually divorce, they need to resort to the language in agreements that they entered into and also rely on statutory and common-law principles. In one recent case, the court held that the parties’ agreement’s language on the requirements for the formation of a partnership will trump other legal theories. In Anubis Pictures, LLC v. Selig, entities sued a defendant for choosing not to proceed with them and working with directly with a film company. No. 05-19-00817-CV, 2021 Tex. App. LEXIS 1580 (Tex. App.—Dallas March 3, 2021, no pet. history). The plaintiffs asserted a claim that they formed a partnership with the defendant, and that the defendant breached fiduciary duties by cutting the plaintiffs out of business deals. The trial court granted summary judgment for the defendant, and the plaintiffs appealed.
To see the full article, click: Business Divorce: Court Held That Parties Did Not Form A Partnership Where Certain Express Conditions Precedent Were Not Met
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.