Rogers v. Thomson — 248 N.Y. 631

Majority

p. 631

Charles J. Rogers, Respondent, v. Alexander W. Thomson et al., Copartners under the Firm Name of Thomson & McKinnon, Appellants.

Headnote

Conversion — stockbrokers — action to recover value of stocks purchased and carried on margin by broker upon tender by customer of balance due.

Rogers v. Thomson, 222 App. Div. 805 , affirmed.

(Argued June 12, 1928;

decided July 19, 1928.)

Appeal, by permission, from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered February 1, 1928, unanimously affirming a judgment in favor of plaintiff entered upon a verdict directed by the court. The action was in con

p. 632

version to recover the value of certain stock purchased and carried on margin by defendants, stockbrokers, for plaintiff, their customer. It appeared that thereafter defendants sold the branch of their business at the city where plaintiff resided and with his consent transferred his account to the purchaser. They undertook, however, to retain plaintiff’s shares as security for the general indebtedness of the new brokers and refused to deliver them to him upon tender by him of the balance due on his account.

Outerbridge Horsey for appellants.

Edwin N. Moore for respondent.

Judgment affirmed, with costs; no opinion.

Concur: Cardozo, Ch. J., Pound, Crane, Andrews, Lehman, Kellogg and O’Brien, JJ.