Currie v. . White
New York Court of Appeals
Appeal from an order of the General Term of the Superior Court of the city of Eew York, affirming a judgment of the Special Term dismissing the complaint. The plaintiffs and the defendant were stock brokers in the city of ETew York.
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Appeal from an order of the General Term of the Superior Court of the city of Eew York, affirming a judgment of the Special Term dismissing the complaint. The plaintiffs and the defendant were stock brokers in the city of ETew York. Upon the 18th day of February, 1867, they entered into an agreement with each other, and executed as evidence thereof the following instruments: ¡New Yobk, 18th Feb., 1867. (1,000 shares.) We have purchased of C. G-. White one thousand (1,000) shares of the capital stock of the Hudson ¡River ¡R. ¡R., at one hundred and twenty-eight per cent, payable and…
1Opinion of the CourtBatallo, J.
By a stock contract such as this, the seller of shares deliverable at a future time assumes to have them, and to make a present sale of them, and to hold them for the benefit of the purchaser until delivery. The language of the contract imports a sale in resentí, and charges the purchaser with interest on the purchase-money, from the time of the sale to the time of delivery. If the seller, for speculative purposes, takes the chances of acquiring the shares in time for delivery, or if, having the shares at the time of sale, he deals with them till the time for delivery, he acts at his own…
2Cited by33 opinions
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- Johnson v. . UnderhillNew York Court of Appeals · 1873
- Hayden v. . DemetsNew York Court of Appeals · 1873
- Brundage v. . BrundageNew York Court of Appeals · 1875
- Brundage v. BrundageNew York Court of Appeals · 1875
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