People v. Talbot
Supreme Court of California
28 P.2d 1057 (Cal. 1934)
James Talbot and other officers of the Richfield Oil Company (defendants) used corporate funds for personal speculation on the stock market and were consequently charged with embezzlement. Section 504 of the California Penal Code provides that every officer or agent of a corporation who fraudulently appropriates corporate property under his or her control for any purpose that is not in lawful execution of the trust is guilty of embezzlement. At trial, evidence showed that the officers may not have realized that their actions amounted to embezzlement, although those actions were obviously not good business practices. Evidence also established that the officers openly made withdrawals from corporate accounts and did not try to conceal their actions and that the practice of making these kinds of advances was common among corporations at the time, including the Richfield Oil Company and other corporations. The trial court found Talbot and the other officers guilty of embezzlement, inferring their fraudulent intent from the fact that the money was appropriated and used for the officers’ personal purposes instead of the company’s corporate purposes. Talbot appealed, and the district court of appeal issued an opinion affirming the judgment.
Rule of Law
Holding and Reasoning (en banc)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 175,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 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.