Broderick v. Alexander (Kahn)
New York Court of Appeals
Since appellants sold all their shares prior to the closing of the bank, they cannot be held liable as beneficial owners. (Broderick v. Aaron, 264 N. Y. 368; Richards v. Robin, 175 App.
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Since appellants sold all their shares prior to the closing of the bank, they cannot be held liable as beneficial owners. (Broderick v. Aaron, 264 N. Y. 368; Richards v. Robin, 175 App. Div. 296; 225 N. Y. 719; Johnson v. Underhill, 52 N. Y. 203; Currie v.White, 45 N. Y. 822.) If appropriation were necessary to the passage of equitable title, appellants acquired no equitable title to the shares of stock involved until after the closing of the bank, and are, therefore, not liable to reimburse respondent. (Wills v. Investors Bankstocks Corp., 257 N. Y. 451; Proctor & Cambie Co. v. Peters, White…
1Opinion of the CourtLehman, J.
In the morning of December 10,1930, Leta M. Kahn gave an order to her agent or broker to sell fifty shares of stock owned by her in the Bank of United States. The order was executed about noon. The firm of Hoit, Rose & Troster, who are dealers in bank stock, purchased the fifty shares offered by the broker or agent. In accordance with the usual custom among brokers or dealers in bank stock, the delivery of the certificate of the fifty shares sold on December 10th was made on the following day. In the interval the Superintendent of Banks had taken possession of the bank.
The fifty shares of…
2Cases cited2 opinions
- Currie v. . WhiteNew York Court of Appeals · 1871
- Broderick v. AaronNew York Court of Appeals · 1934
3Cited by13 opinions
- Ray v. RayAppellate Division of the Supreme Court of the State of New York · 2009
- Penna. Co. v. ClarkSupreme Court of Pennsylvania · 1940
- Broderick v. Adamson (Greif)New York Court of Appeals · 1936
- Deering Milliken, Inc. v. Clark Estates, Inc.New York Court of Appeals · 1978
- Tangorra v. Hagan Investing Corp.Appellate Division of the Supreme Court of the State of New York · 1971
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