Eckert v. Jackson

The district court denied recovery to plaintiff, suing as assignee of the stock brokerage firm of C. B. Richard & Co. on a contract made by them with defendant, because it found that the promisees were themselves first guilty of a substantial breach. The contract grew out of a securities trading account which defendant had had with the Richard firm and involved recognition by defendant of a resulting un-liquidated indebtedness of large amount, coupled with Richard & Co.’s agreement to seek repayment from three specified sources: a certain portion of defendant’s income above a stated minimum,…