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Business Organizations Keyed to Allen
Meinhard v. Salmon
Citation:164 N.E. 545 (N.Y. 1928).
CaseCast™ – "What you need to know"
On April 10, 1902, Salmon leased the Hotel Bristol from Louisa M. Gerry. The lease was for 20 years. Salmon undertook the duty of altering the hotel building for use as shops and offices. In order to finance the project, Salmon entered into an agreement with Meinhard to finance the business including paying half the money required to reconstruct, manage, and operate the property. In return, Meinhard was to receive 40% of the profit for the first five years, and 50% for the years thereafter. Salmon held the sole power to “manage, lease, underlet and operate” the building.
Near the end of the lease, Elbridge T. Gerry became the owner of the Hotel Bristol. Gerry also owned a number of other properties in the neighborhood. Gerry intended to lease all the properties for a long term to someone who would destroy and replace the buildings. Gerry unsuccessfully presented the proposal to a number of investors in 1921. In January 1922, Gerry approached Salmon. A new 20 year lease was entered with Midpoint covering all the properties. The existing buildings were to remain unchanged for 7 years at which point they would be torn down and replaced. Meinhard did not learn of the existence of the deal until February 1922.
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