Thomson McKinnon Securities, Inc. v. Hornung

Birns, J. P. (dissenting).

I dissent. While I essentially agree with the factual and legal presentation in the majority opinion, I disagree with the result reached. I would reverse and award judgment to plaintiff, but only for the damages incurred as of January 31, 1975.

The question presented on this appeal is whether a stock sale transaction is void, and unenforceable against the defendant customer, when the plaintiff brokerage firm is in technical, nonwillful violation of Federal Reserve Board regulation T. The regulation provides that in a special cash account a creditor may sell a security…