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Corporations Keyed to Hazen
Meinhard v. Salmon
Citation:
164 N.E. 545 (1928)ProfessorTodd Berman
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Facts
On April 10, 1902, Louisa M. Gerry leased to the defendant Walter J. Salmon the premises known as the Hotel Bristol in the city of New York. The lease was for a term of 20 years. Salmon, while in course of treaty with the lessor as to the execution of the lease, was in course of treaty with Meinhard, the plaintiff, for the necessary funds. The result was a joint venture with terms embodied in a writing. Meinhard was to pay to Salmon half of the moneys requisite to manage and operate the property. Salmon was to pay 40 percent of the net profits. When the lease was near its end, Elbridge T. Gerry had become the owner of the reversion. In January 1992, he approached the defendant Salmon. The result was a new lease to the Midpoint Realty Company, which is owned and controlled by Salmon. The lease between Gerry and the Midpoint Realty Company was signed on January 25, 1922. Salmon had not told Meinhard anything about it. When later discovered the fact, Meinhard made demand on the defendants that the lease be held in trust as an asset of the venture. The demand was followed b refusal.
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