In re the Final Accounting of Walradt
Appellate Division of the Supreme Court of the State of New York
Appeal by William A. Watson, as assignee for the benefit of creditors of Mills, Robeson & Smith, from so much of a decree of the County Court of Kings county, entered in the office of the cleric of the county of Kings on the 17th day of July, 1896, as directs that the exceptions of the Bank of the State of It ew York to the referee’s report herein be sustained, and the claim of William A. Watson, as assignee for Mills, Robeson & Smith, allowed by the referee, and fixed at…
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Appeal by William A. Watson, as assignee for the benefit of creditors of Mills, Robeson & Smith, from so much of a decree of the County Court of Kings county, entered in the office of the cleric of the county of Kings on the 17th day of July, 1896, as directs that the exceptions of the Bank of the State of It ew York to the referee’s report herein be sustained, and the claim of William A. Watson, as assignee for Mills, Robeson & Smith, allowed by the referee, and fixed at the sum of $456,714.42, be wholly disallowed, and the report of the referee be modified accordingly, and except as so…
1Opinion of the Court
Cullen, J.:
The firm' of Mills, Robeson & Smith were stockbrokers. Through that firm Smith, one of the partners, operated and speculated in stocks on his own account. In these transactions Smith, so far as form at least, occujfied the same position as any other customer of the firm. He bought and sold stocks, which the firm either carried or borrowed for him. As security or margin on such purchases he at times deposited certificates of stock. His account rvith the firm on these stock operations Avas the same as that of any other operator. In November, 1890, it was discovered that these stock…
2Cases cited3 opinions
- Bank of British North America v. DelafieldNew York Court of Appeals · 1891
- In re McEwenDistrict Court, D. Indiana · 1875
- In re MayDistrict Court, S.D. New York · 1879