First Metropolitan Bank v. Plaia

SCHOTT, Judge.

This is a suit for damages incurred by First Metropolitan Bank in connection with certificates of stock in Hycel, Inc. and Exchange Oil & Gas Corporation. Plaintiff had taken the stock in pledge from Peter A. Plaia to secure a loan. When Plaia defaulted plaintiff delivered the certificates to its broker, Howard, Weil, Labouisse, Fredricks, Inc. (hereafter “Howard”) with instructions to sell the stock for plaintiff’s account. But when Howard sold the stock and delivered the certificates for transfer to Exchange’s transfer agent Hibernia National Bank of New Orleans (hereafter…