Peckham v. Ketchum
The Superior Court of New York City
This was an action to recover from the defendants the price paid by the plaintiff for what purported to be ten shares of the stock of the Hew York and Hew Haven Railroad Company. The plaintiff employed the defendants as brokers to purchase for him ten shares of that stock. The defendants purchased what was passing in the market as the genuine stock.
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This was an action to recover from the defendants the price paid by the plaintiff for what purported to be ten shares of the stock of the Hew York and Hew Haven Railroad Company. The plaintiff employed the defendants as brokers to purchase for him ten shares of that stock. The defendants purchased what was passing in the market as the genuine stock. It was transferred to them in their own name, on the books of the company, by the seller, and credited to them by the transfer agent. After this transfer, the plaintiff paid them the price of the stock, and their commission, and they paid the…
1Opinion of the Court
By the Court.—Hoffman, J.
—The plaintiff applied to the defendants to purchase from them ten shares of the stock in question. Being informed that they had none to sell, the plaintiff then distinctly employed them, as brokers, to purchase for him that amount of shares.
*221The contract between the plaintiff and defendants therefore was, that they were to buy the stock from some third party, for his account. He gave them the money to fulfil this contract, and they, in effect, paid that money to the seller of the stock.
The plaintiff dealt with the defendants as stock-brokers, and was bound by those…
2Cases cited3 opinions
- S. & J. Rathbon v. BudlongNew York Supreme Court · 1818
- Van Alen v. VanderpoolNew York Supreme Court · 1810
- Horton v. MorganThe Superior Court of New York City · 1856
3Cited by3 opinions
- Crusius v. LouchheimNew York Supreme Court · 1928
- Isham v. PostNew York Supreme Court · 1893
- Isham v. PostNew York Supreme Court · 1893