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Meinhard v. Salmon
Citation:164 N.E. 545 (N.Y. 1928)
CaseCast™ – "What you need to know"
On April 1902, Louisa M. Gerry leased to the defendant Walter J. Salmon the premises known as the Hotel Bristol in New York. Salmon, while in the course of treaty with the lessor as to the execution of the lease, was in the course of treaty with Meinhard, the plaintiff, for the necessary funds. The result was a joint venture. Meinhard was to pay to Salmon half of the moneys requisite to manage and operate the property. Salmon was to pay to Meinhard 40 percent of the net profits. They were coadventurers. When the lease was near its end, Elbridge T. Gerry had become the owner of the reversion. In January 1922, with less than four months of the lease to run, he approached the defendant Salmon. The result was a new lease to the Midpoint Realty Company, which is owned and controlled by Salmon. Salmon had not told Meinhard anything about the lease between Gerry and the Midpoint Realty Company. When Meinhard learned of it, he demanded that the lease be held in trust as an asset of the venture. Salmon refused.
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