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Corporations Keyed to Hazen
Ultramares Corporation v. Touche
Citation:
174 N.E. 441 (1931)Facts
In January, 1924, the defendants, a firm of public accountants, were employed by Fred Stern & Co. Inc., to prepare and certify a balance sheet exhibiting the condition of its business. When the balance sheet was made up, the defendants supplied the Stern Company with thirty-two copies certified with serial numbers as counterpart originals. Nothing was said as to the persons to whom these counterparts would be shown or the extent or number of the transactions in which they would be used. In particular, there was no mention of the plaintiff. The plaintiff, a corporation engaged in business as a factor, was approached by Stern in March, 1924, with a request for loans of money to finance the sales of rubber. In December 1924, plaintiff made three loans to the Stern Company. On January 2, 1925, the Stern Company was declared a bankrupt.
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