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Business Organizations Keyed to Smith
Meinhard v. Salmon
Citation:249 N.Y. 458 (N.Y. 1928).
Salmon entered a 20-year lease for the Bristol Hotel, after which he entered into a joint venture with Meinhard. Under the terms of this agreement, Meinhard agreed to pay half the amount to manage and operate the property, Meinhard would receive 40 percent of the net profits for the first 5 years, then 40 percent. During the first five years, a separate lessor acquired rights in the Bristol Hotel. Salmon entered a separate 20-year lease with the new lessor, without informing Meinhard of the transaction. Eventually, Meinhard learned of the new lease, and demanded the assets which resulted therefrom be held in trust as part of the joint venture.
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