Justia Nebraska Supreme Court Opinion Summaries

Appellant Brook Valley Limited Partnership (BVLP) filed suit at the district court in 2004 against Mutual Omaha Bank over loans made by the bank. The loans were secured by a partnership property. The real property was ultimately sold to cover payments on the loans. The issue at court was whether the agreements that established the partnerships allowed the partners to bring lawsuits. Though they were nearly identical, the district court determined that under the agreements, certain partners were not empowered to authorize lawsuits. As a result, the court concluded BVLP lacked standing to sue the Bank, and dismissed the case. BVLP appealed. After a review of the partnership agreements at issue in the district court, the Supreme Court found that the successor partners were given the authority to sue. The Court reversed the district courtâs decision and remanded the case for further proceedings.