Arthur Falk, Appellant v. Jacob L. Hoffman, Respondents

Summary

The New York Court of Appeals reversed the lower court's dismissal of the plaintiff's complaint, holding that the plaintiff may pursue an equitable action to impose a trust on the defendants' proceeds, rescind the contract, and obtain an accounting despite the existence of a legal remedy. The court found that equity provides a more complete and effective relief in cases of fraud and that a decree of rescission is not essential to the plaintiff's protection.