First Equity Corporation of Florida v. Utah State University
Utah Supreme Court
544 P.2d 887 (1975)
- Written by Jennifer Flinn, JD
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 Catron purchased additional stocks from First Equity after his authority to do so had been revoked, and USU refused to accept or pay for those stocks.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.)
What to do next…
Here's why 815,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.