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Meinhard v. Salmon

1928 in New York (state)1928 in United States case lawFifth AvenueNew York (state) state case lawUnited States corporate case law
United States trusts case law
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Meinhard v. Salmon, 164 N.E. 545 (N.Y. 1928), is a widely cited case in which the New York Court of Appeals held that partners in a business owe fiduciary duties to one another where a business opportunity arises during the course of the partnership. The court holds that the fiduciary duty of communication was breached where a partner in a joint venture failed to inform his co-partner of a profitable opportunity that was offered by a third-party who was ignorant of the partnership. Furthermore, the duty of loyalty was breached where the partner appropriated to himself a benefit arising from his status as a partner without allowing his co-partner an opportunity to compete. This holding relates to the doctrine of corporate opportunity.

Excerpt from the Wikipedia article Meinhard v. Salmon (License: CC BY-SA 3.0, Authors, Images).

Meinhard v. Salmon
5th Avenue, New York Manhattan

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10035 New York, Manhattan
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500 Fifth Avenue
500 Fifth Avenue

500 Fifth Avenue is a 60-story, 697-foot-tall (212 m) office building on the northwest corner of Fifth Avenue and 42nd Street in Midtown Manhattan, New York City. The building was designed by Shreve, Lamb & Harmon in the Art Deco style and constructed from 1929 to 1931. 500 Fifth Avenue was designed with a facade of bronze, limestone, and terracotta at the base; it is clad with of brick above the fourth floor. While the lowest four floors contain a decorative exterior, little ornamentation is used above the base. The primary entrance is on Fifth Avenue, and storefronts are located at ground level. Upon its opening, the building contained design features including fast elevators, well-lit office units, and a floor plan that maximized the well-lit office space. The 1916 Zoning Resolution resulted in a structure that incorporated setbacks, resulting in the lower floors being larger than the upper floors. 500 Fifth Avenue was built for businessman Walter J. Salmon Sr. In the 1920s, prior to the building's development, the underlying land had become extremely valuable. Similarly to the much larger Empire State Building nine blocks south, which was constructed simultaneously, 500 Fifth Avenue's construction was highly coordinated. 500 Fifth Avenue opened in March 1931, but the structure garnered relatively little attention after the Empire State Building opened shortly afterward. The building was designated an official city landmark by the New York City Landmarks Preservation Commission in 2010.

Manufacturers Trust Company Building
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New York Public Library Main Branch
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State University of New York College of Optometry
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