Billings Associates, Inc. v. Bashaw

Plaintiff, a member of the National Association of Securities Dealers, brought this action to recover from defendant, a customer, the loss it suffered by reason of defendant’s failure to pay for securities purchased by plaintiff for the defendant. Although the trial court found that defendant had, through his agent, ordered the securities, it denied recovery and dismissed the complaint on the ground that plaintiff’s failure to liquidate the transaction on the seventh day after defendant breached his purchase agreement by nonpayment barred plaintiff “from recovering the deficiency after…