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CALIFORNIA CORPORATE & SECURITIES LAW

Should Corporate Law Preserve The Honor Of Salmon Or Fairness To Meinhard?

Should corporate law be concerned with the sinner or the sinned against?  In the venerable case of Meinhard v. Salmon, 249 N.Y. 458, 464 (1928), Benjamin Cardozo penned these now famous lines: A trustee is held to something stricter than the morals of the market place.  Not honesty alone, but the punctilio of an honor the…

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