Buder v. New York Trust Co.

SWAN, Circuit Judge.

In its main aspects this litigation is an action for damages for the alleged conversion of shares of corporate stock pledged with the defendant as collateral for a loan made to the plaintiff. The stock was disposed of under an option, given by the pledgee to a stockbrokerage firm under circumstances which the pledgee contends made this the fairest and best method of selling. But the defendant was not permitted to prove that disposal of the shares by means of an option was the customary and necessary way of obtaining the best price; and the issue of conversion was submitted…