Mann v. Sands

McAdam, Ch. J.

The generarule is that if a person employs a broker to buy a particular stock, and gives him the money to pay for it, the broker becomes a fiduciary in respect to both stock and money. If he employs a *26broker to sell a particular stock belonging to him, the broker becomes a fiduciary in respect to such stock and its proceeds, and for any breach of duty toward the employer the broker is liable to arrest. But if money be deposited from time to time with a broker by a customer to cover any temporary rise or fall in the value of stocks not owned and paid for by the customer, but…