Crowell v. Cohen

The contract between the customer and broker involving a margin account contained the following provision: “ You [the brokers] shall have the right, whenever in your absolute and unrestricted discretion you consider it necessary for your own protection to sell all or any of my securities and commodities of which I [the customer] may be short, and to close any or all out*243standing contracts, all without demand for margin or additional margin, notice of sale or purchase or other notice of advertisement, even though demands for margin or notice of sale or purchase were given or attempted to be…