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Business Assoctiations Keyed to Gabalson, 3rd Ed.
Martin v. Peyton
Citation:
246 N.Y. 213, 158 N.E. 77 (1927)Facts
In 1921, the banking and brokerage firm of Knauth, Nachod & Kuhne (K.N. & K.) was experiencing severe financial difficulties due to unwise speculations. The defendants, including William C. Peyton, agreed to loan the firm $2.5 million worth of liquid securities to be used as collateral for bank loans. In return, the defendants would receive 40% of the firm’s profits until the securities were returned (not to exceed $500,000 or be less than $100,000). The agreement included numerous protective provisions: the defendants could veto speculative transactions, would be consulted on important matters, could inspect the firm’s books, and required that John R. Hall (a partner they trusted) remain in directing management. The defendants were also given an option to join the firm as partners at a later date if they wished. The agreement explicitly stated that the defendants were not partners and would not be liable for losses. The plaintiff, a creditor of K.N. & K., sought to hold the defendants liable as partners despite these disclaimers.
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