Dixon v. Trinity Joint Venture

Melvin, J., dissents and files a dissenting opinion at page 389 infra.

In this case we are concerned with the duty of a general partner to give notice to limited partners concerning a business opportunity.

I The Law

Justice Benjamin N. Cardozo, while the Chief Judge of the Court of Appeals of New York set out the standard in his usually eloquent manner when he said in Meinhard v. Salmon, 164 N.E. 545, 546 (N.Y. 1928):

"Joint adventurers, like copartners, owe to one another, while the enterprise continues, the duty of the finest loyalty. Many forms of conduct permissible in a workaday world for…