Fisher v. Mechanics & Metals National Bank

Plaintiff, a customer of a stockbroker’s firm, with whom he had pledged as his margin on a *589speculative account certain certificates of stock indorsed in blank and unregistered bonds, sues the defendant bank, with whom the brokers had in turn pledged the securities as collateral to a bank loan, for the return of the securities on the ground that the brokers, who had subsequently become bankrupt, had broken the original pledge by fraudulent representations. The brokers and the bank’s assignee of certain of the securities and the general assignee of the bankrupt firm are joined as defendants.

The…