Mangold v. Adrian Irrigation Co.

Citations

• 60 Wash. 286
• 111 P. 173
• 1910 Wash. LEXIS 1041

Syllabus

<p>Corporations — Promoters—Fraud. A promoter of a corporation who sought to make exorbitant profit, at the expense of investing stockholders, by the sale to the corporation of land held under option without any actual investment, cannot recover from the corporation on the ground of fraud because the corporation refused to perform the contract and after forfeiture of the option bought the-land direct at a low figure; since promoters owe the utmost good faith to stockholders and aré accountable for secret profits.</p>