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Munroe v. Harriman

85 F.2d 493 (1936)

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Munroe v. Harriman

United States Court of Appeals for the Second Circuit
85 F.2d 493 (1936)

RW

Facts

Joseph Harriman (defendant) defrauded Charles Munroe (plaintiff) to obtain a loan of corporate securities. Harriman pledged the loan to Harriman National Bank and Trust Company (bank) (defendant) as security for the bank’s cash loan to a shell corporation under Harriman’s control. Harriman, who was the bank’s president, completely dominated the bank’s directors (defendants) who, at Harriman’s direction, voted to accept the pledged securities and approve the cash loan. Munroe subsequently discovered Harriman’s fraud and sued Harriman, the by now-bankrupt bank, the bank’s receiver (defendant), and the bank’s directors to rescind the loan and recover the pledged securities. A federal district court entered judgment for Munroe. The bank appealed to the Second Circuit.

Rule of Law

Issue

Holding and Reasoning (Swan, J.)

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