Kerrigan v. Unity Savings Association

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• relying on Irving Trust in finding the directors “were actively exploiting their position as directors … for their personal benefit”
• after a savings and loan association rejected the opportunity, the secretary was permitted to establish his own insurance agency
• the defendants caused the plaintiff to “ ‘refer’ ” its borrowers to the - 14 - defendants’ entity, “whose office was strategically located in the same building”
• defendants’ belief that corporation could not legally have engaged in business “cannot operate as a substitute for defendants’ duty to present the question to [the corporation] for [the corporation]’s independent evaluation”
• “It may be conceded that if a corporation has been informed by a director of a business opportunity, which it declines, the director may then be free to pursue the opportunity himself.”

Source: CourtListener parenthetical corpus (CC0).