Friday, November 22, 2013

Tryon v. Smith case brief

Tryon v. Smith case brief summary
229 P.2d 251 (1951)

Plaintiffs, former stockholders of a bank, sought reversal of judgment in the Circuit Court, Lane County (Oregon) for defendant, who was the former president, bank director, and majority stockholder, in plaintiffs' action contending that higher selling price of defendant's stock evidenced fraud on defendant's behalf.

Plaintiffs, former stockholders of bank, sued defendant as former president, bank director, and owner of 70 percent of stock, to recover for alleged fraud in sale of stock because he obtained higher price in stock sale.

  • After defeat, they appealed, but the court affirmed, finding a total absence of evidence to sustain allegations. 
  • With no fiduciary relationship existing between plaintiffs and defendant so far as sale of stock was concerned, there was no duty on defendant to apprise plaintiffs of higher stock price. 
  • The fact defendant received more for stock was no evidence of fraud, duress, domination or interference on defendant's part. 
  • Judgment was affirmed.

The court affirmed, finding no evidence to support fiduciary relationship between plaintiffs and defendant or allegations of fraud.

Recommended Supplements for Corporations and Business Associations Law

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