Contracts Keyed to Ayres
Centex Corporation v. Dalton
Defendant was looking for thrift institutions to acquire. It hired Plaintiff to find appropriate institutions to buy and promised to pay him $750,000 if Defendant acquired the institutions Plaintiff found. Defendant sought approval for this provision from the Federal Home Loan Bank Board (Board). The Board initially approved it, but five days after Plaintiff and Defendant entered into their agreement, told Defendant that the finder’s fee was not allowed. Defendant did not tell Plaintiff of this change, but went ahead with the acquisition of the institutions that Plaintiff had found. The Board then adopted regulations prohibiting the payment of finder’s fees. When Defendant acquired the thrift institutions and refused to pay Plaintiff because of the new regulation, Plaintiff sued. The trial court entered summary judgment for the Plaintiff and the state appellate court affirmed. The Texas Supreme Court then granted review.
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