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Irving Trust Co. v. Deutsch

CIRCUIT COURT OF APPEALS, SECOND CIRCUIT


October 30, 1934

IRVING TRUST CO.
v.
DEUTSCH ET AL.

On Petition for Rehearing.

Per Curiam.

By petition for rehearing counsel for the defendant Bell asserts that so much of our opinion as imposes liability upon him rests on a mistaken premise as to what the record discloses. Bell's testimony, not previously called to our attention, does show to be incorrect the statement in our opinion to the effect that "precisely what he (Bell) was told does not appear." But this testimony does not in our view change the result. Bell was not told, as was Stein, that Acoustic had rejected Reynold's offer; he made his committment at a time when the offer was still open for acceptance by the corporation. He should not join with directors, whose duty was to determine with an eye single to the interests of their corporation whether to make the contract on its behalf, in an enterprise in which their personal interests might be antagonistic to their fiduciary obligations.

The petition is denied.

19341030

© 1998 VersusLaw Inc.



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