Wall v. Metropolitan Stock Exchange
Massachusetts Supreme Judicial Court
Contract, under St. 1890, c. 437, entitled “ An Act relative to wagering contracts in securities and commodities,” to recover certain sums of money paid by the plaintiff between February 2, 1893, and July 25, 1893, for securities sold to him upon margin by the defendant. The defendant in bar to the action pleaded certain releases under seal signed by the plaintiff.
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Contract, under St. 1890, c. 437, entitled “ An Act relative to wagering contracts in securities and commodities,” to recover certain sums of money paid by the plaintiff between February 2, 1893, and July 25, 1893, for securities sold to him upon margin by the defendant. The defendant in bar to the action pleaded certain releases under seal signed by the plaintiff. Each release was similar in every respect to the following, except as to date and amount; and each release was dated, executed, and delivered subsequent to July 25,1893. “ Boston, Nov. 11, 1893. “ Received of the Metropolitan Stock…
1Opinion of the CourtField, C. J.
We are of opinion that St. 1890, c. 437, is a remedial and not a penal statute. The right given by the second section of the statute is given to the person who contracts to buy or sell upon credit or upon margin, etc., or to the person who employs another so to buy and sell, etc., and it is a right to “sue for and recover in an action of contract from the other party to the contract, or from the person so employed, any payment made or the value of anything delivered,” etc. At common *284law no such right of action existed because the parties were considered in pari delicto. No penalty is imposed…
2Cases cited10 opinions
- Equitable Life Assurance Society v. ClementsSupreme Court of the United States · 1891
- Leddy v. BarneyMassachusetts Supreme Judicial Court · 1885
- Montgomery v. LamptonCourt of Appeals of Kentucky · 1861
- Fidelity Mutual Life Ass'n v. FicklinCourt of Appeals of Maryland · 1891
- Cole v. GrovesMassachusetts Supreme Judicial Court · 1883
5 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Pittsley v. DavidMassachusetts Supreme Judicial Court · 1937
- Willcox v. EdwardsCalifornia Supreme Court · 1912
- Wilson v. HeadMassachusetts Supreme Judicial Court · 1904
- Alexander v. McPeckMassachusetts Supreme Judicial Court · 1905
- Continental Corp. v. GowdyMassachusetts Supreme Judicial Court · 1933
10 more not listed; retrieve them via the Exa API.