Montgomery v. Van Ronk

Opinion by

Mr. Justice Stern,

On February 19, 1931, defendant opened a margin account with plaintiff stockbrokers. Stocks were purchased and held by plaintiffs as security for advances. From time to time plaintiffs demanded additional margin, and on February 2, 1932, wrote to defendant that unless the account was adjusted to their satisfaction before the close of business the following Friday they would liquidate it on Saturday morning. A day after defendant received this letter a representative of plaintiffs called him on the telephone and, according to defendant’s version of the conversation,…