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Corporations Keyed to Rhee
Martin v. Peyton
Citation:158 N.E. 77 (N.Y. 1927)
In 1921, the firm of K. N. & K. found itself in financial difficulties. John R. Hall was one of its partners. He was a friend of Peyton. From him he obtained the loan of $500,000 of liberty bonds, which K. N. & K. might use as collateral to secure bank advances. Hall was also acquainted with George W. Perkins, Jr. and with and Edward W. Freeman. He also knew Mrs. Peyton and Mrs. Perkins and Mrs. Freeman. All were anxious to help him. He therefore, representing K. N. & K., entered into negotiations with them. A proposition was made that Mr. Peyton, Mr. Perkins, and Mr. Freeman or some of them should become partners. It met a decided refusal. Finally an agreement was reached, under which the respondents were to loan K. N. & K. $2,500,000 worth of liquid securities. In compensation for the loan the respondents were to receive 40 percent of the profits of the firm. when K. N. & K. was forced into dissolution, the depositors and creditors then brought suit against Peyton, Perkins and Freeman in an attempt to hold them personally liable for the firm’s debts.
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