First Equity Corporation of Florida v. Utah State University

544 P.2d 887 (1975)

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First Equity Corporation of Florida v. Utah State University

Utah Supreme Court
544 P.2d 887 (1975)

Facts

Utah State University (USU) (defendant) granted Donald Catron, its assistant vice president for finance, the authority to purchase securities and common stock with university funds. Catron purchased stocks on behalf of USU from First Equity Corporation of Florida (plaintiff). The Utah attorney general’s office issued an opinion that USU should not be investing in stocks, and USU subsequently revoked Catron’s authority to purchase securities. Catron purchased additional stocks from First Equity after his authority to do so had been revoked, and USU refused to accept or pay for those stocks. First Equity filed a lawsuit against USU to recover commissions and payment for the stock. Both parties filed motions for summary judgment. The trial court granted USU’s motion for summary judgment, ruling that USU had no authority to purchase stocks and no obligations to pay for the stocks or any commissions. First Equity appealed.

Rule of Law

Issue

Holding and Reasoning (Hyde, J.)

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