Brumley v. Robinson

The plaintiffs, who are stockbrokers, sue on two promissory notes, which on their face draw no interest, one for $5,100, the other for $5,000, both made and delivered to them by the defendant. The defense is lack of consideration and usury.

The defendant had a marginal account with the plaintiffs, and through them as his brokers, for a period of about four years, bought and sold stocks in the usual marginal manner, the defendant putting up a certain amount of money for margin and the plaintiffs supplying the difference between the margin and the cost of the certificates and charging the…